Iraq and Kurdish Region Resume Oil Exports Amid Long-Standing Dispute

Iraq has resumed oil exports from its northern semi-autonomous Kurdish region, ending a nearly two-year halt. This follows the International Chamber of Commerce's arbitration ruling in favor of Iraq regarding the Kurdish region’s independent oil export. Exports will be conducted under federal budget regulations and Iraq's OPEC quota.

The oil ministry in Iraq has made a significant move, announcing the resumption of oil exports from the northern Kurdish region. This comes after a prolonged two-year suspension due to an arbitration ruling supporting Iraq's stance against independent oil exports by the Kurdish authorities.

The ministry confirmed that the necessary procedures have been finalized to restart shipments via Turkey's Ceyhan port. Henceforth, exports will align with federal budget regulations and comply with Iraq's OPEC production quota, as per the 'agreed-upon framework'.

Tensions over oil export rights have historically strained relations between Baghdad and Irbil. The central government has objected to the Kurdish region's unilateral oil exports, labeling them unlawful. However, this resumption marks a tentative thaw in relations, with calls for cooperation between the regions to ensure smooth operations.

(With inputs from agencies.)