Crude oil flows from Iraq’s northern Kurdistan Region to Turkey’s Ceyhan export terminal resumed on the morning of 27 September following last week’s tripartite agreement (MEES, 26 September). Flows started at around 150,000 b/d and should ramp up in the coming days, with Kurdistan’s MNR saying on 1 October that volumes had reached 195,000 b/d.
The resumption of pipeline flows after a two-and-a-half-year suspension will have no impact on global supply/demand balances as producers had already been selling into the domestic market, but it will reshuffle regional trade patterns. Specifically, the restart could have a noticeable impact on crude trade in the Mediterranean basin. (CONTINUED - 805 WORDS)
