Turkiye, Iraq extend oil pipeline agreement by one year

Ankara and Baghdad reached a one-year extension of their oil pipeline agreement on Saturday, following a meeting between Iraqi Prime Minister Ali al-Zaidi and Turkish Energy Minister Alparslan Bayraktar, according to officials from both nations. The agreement, first reported on Turkish news site X, was signed after a "productive meeting" in Ankara, and was hailed by Zaidi as a "significant strategic milestone" that would see a minimum export capacity of 750,000 barrels per day.

The pipeline, which transports Iraqi crude to Turkey's Mediterranean export terminal of Ceyhan, had expired on Monday. Bayraktar stated that while discussions continue on a new long-term deal, the current arrangement will cover a daily capacity of 750,000 barrels. In a separate X post, Zaidi said that Iraqi and Turkish firms would begin implementation of the agreement, with both governments working towards a comprehensive framework covering oil, electricity, and water resources. The Kirkuk-Ceyhan pipeline has a maximum capacity of around 1.5 million barrels per day.