Saudi Press

Saudi Arabia and the world
Saturday, Jul 05, 2025

Iraq eyes deal on Kurdistan oil exports within weeks

Iraq eyes deal on Kurdistan oil exports within weeks

Iraq’s oil minister expressed hope on Wednesday his government can reach an agreement soon on the resumption of crude exports from the autonomous Kurdistan region to Turkiye.
Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in Baghdad was the only entity authorized to manage exports.

Baghdad and the Kurdish authorities in Irbil signed last month a provisional agreement establishing an export mechanism that would be supervised by the federal government, but some issues remain unresolved.

“Regarding the agreement with Iraqi Kurdistan, within a week or two maximum we will reach a final agreement for the resumption of crude exports,” Iraqi Oil Minister Hayan Abdel Ghani said, adding the indications were “positive.”

Abdel Ghani said tests had been carried out on Turkish pipelines to avoid potential oil leaks, after a deadly and devastating earthquake hit Turkiye on Feb. 6.

Under the terms of the agreement announced in April, sales of Kurdish oil are to go through the Iraqi National Oil Co., and no longer exclusively through the authorities in Iraqi Kurdistan.

In addition, revenues from Kurdish exports are to be paid into an account managed by Irbil and supervised by Baghdad.

US inventories

US crude oil inventories fell for a third week in a row, while gasoline stockpiles unexpectedly rose last week as demand weakened, the Energy Information Administration said on Wednesday.

Crude inventories fell by 1.3 million barrels in the week ending April 28 to 459.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.1-million-barrel drop.

Crude in the Strategic Petroleum Reserve declined 2 million to 364.9 million barrels, its lowest since October 1983. Levels dropped for the third week in a row as part of a congressionally mandated sale of 26 million barrels. “Overall, hydrocarbon inventories are declining at the same time that the US continues with its Strategic Petroleum Reserve release,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

Gasoline stocks rose by 1.7 million barrels to 222.9 million barrels, the EIA said, compared with forecasts for a 1.2-million-barrel drop.

Demand for the motor fuel ahead of the peak summer driving season fell significantly, down 9.4 percent to 8.6 million bpd.

Crude prices extended their losses after the data showed weakness in the fuel sector.

US crude oil futures fell $2.93, or 4.1 percent, to $68.73 a barrel by 11 a.m. ET (1600 GMT). Brent crude fell $2.70, or 3.6 percent, to $72.64.

Distillate stockpiles, which include diesel and heating oil, also fell by 1.2 million barrels to 110.3 million barrels, versus expectations for a 1.1-million-barrel drop, the EIA data showed.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
×