Kurds Resume Oil Exports from Iraq
The Kurds – an ethnic group in northern Iraq – have resumed exporting crude oil. The Iraqi government pipeline had been shut down for 4 months over a payment dispute. Kurdistan is an autonomous region but still part of Iraq and reliant on the central government.
The pipeline is currently transporting 100,000 barrels per day.
Under the agreement, the Iraqi government sells the crude oil and splits the revenue with the Kurds, who stopped producing oil in April claiming they had not received their royalties.
This week Iraq also resumed oil shipments through Turkey at a rate of 350,000 barrels per day. The pipeline had been shut down recently after it was blown up. The Turks blame the Kurds for the attack.
This volatility is what traders profit from. Open a free $100,000 demo practice account today with Ava FX, one of our Recommended GoldOilSilver Brokers.
