Economic expert Nabil Al-Marsoumi confirmed today, Monday, that what Kurdistan will gain in oil revenues in the north, Iraq will lose in the south as a result of Turkey resuming pumping oil from Kurdistan.
Al-Marsoumi said in a blog post on Facebook, “Restarting the Iraqi-Turkish line practically means reducing Iraq’s oil exports to the south across the sea by about 350,000 barrels per day due to the production quota set for it by OPEC Plus.
He added, “What Kurdistan will gain in oil revenues in the north, Iraq will lose in the south.”
Earlier today, Turkey said that the Iraqi oil pipeline, which stopped operating in March due to complex disputes over payments related to the Kurdistan region, would resume pumping crude this week.
Turkey closed the pipeline after an arbitration court ordered Ankara to pay about $1.5 billion in compensation to Baghdad for transporting oil from the Kurdistan region without the approval of the Iraqi government.
Source: National Iraqi News Agency