Iraq has won an international arbitration case against Turkey in a long-running dispute regarding crude oil exports from Iraq’s Kurdish region.
(Bloomberg) — Iraq has won an international arbitration case against Turkey in a long-running dispute regarding crude oil exports from Iraq’s Kurdish region.
The International Chamber of Commerce’s International Court of Arbitration in Paris ruled in Iraq’s favor, Argus reported, citing sources it didn’t identify. Iraq claims Turkey violated a 1973 pipeline transit agreement by allowing crude exports from the semi-autonomous Kurdish regional government without consent.
Turkey won’t allow shipments carrying crude from the Iraqi Kurdistan region to leave its coastal port of Ceyhan without the consent of the federal government in Baghdad.
Ceyhan exported over 1 million barrels a day in January, or 1% of global supplies, according to data compiled by Bloomberg. Baghdad sends 75,000 barrels a day to Ceyhan, while the Kurdish regional government sends about 400,000 barrels a day.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.