Turkey's runoff election is paralyzing key oil exports from northern Iraq

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The Turkish port of Ceyhan typically ships out exports of Iraq's northern Kirkuk crude oil.

Kirkuk crude is exported from the Botas terminal at Ceyhan in southern Turkey, separate from Azeri crude flows shipped out from the nearby Baku-Tblisi-Ceyhan port terminal.

The ICC verdict followed a domestic win for Baghdad, after Iraq's federal court in February 2022 pronounced the KRG's oil and gas legislation unconstitutional and invalidated its contracts with foreign firms.This decision led to U.S.companies deciding to exit contracts in Kurdistan and deterred some KRG oil buyers from further purchases.

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Category: Nation Politics

Topics: Articles Oil and Gas Breaking News: Politics Europe Economy Elections Europe News Cnbc Politics Oil Energy Source:tagname:CNBC Europe Source Markets Europe Politics

Source Website Secure: Yes (HTTPS)

Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

News Source URL: cnbc.com

Readership Location: United States

Published Date: 2023-05-25, 05:59:56

News Timezone: GMT -5:00

Language: English

Original Article Length: 1155 words

Reading Duration: 7 minutes read

Compatibility: Desktop Web, Mobile Web, iOS App, Android App

News ID: 1391098

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