Baghdad: The Ministry of Natural Resources in the Kurdistan Regional Government (KRG) has announced that it has successfully negotiated an agreement with the Ministry of Oil in the federal government to resume oil exports. This development marks a significant step towards resolving longstanding issues related to the region’s oil exportation processes.

According to National Iraqi News Agency, the agreement was finalized following a series of meetings that began on July 17, involving a joint delegation of 23 officials, including 17 members from the Iraqi Ministry of Oil. These discussions were comprehensive, featuring field visits to all oil fields within the Kurdistan region to assess the technical aspects of the oil infrastructure.

The agreement, reached on August 11, outlines a detailed mechanism for oil exports from the region. Initially, 50,000 barrels of daily production will be directed towards fulfilling the Kurdistan region’s domestic needs. The remaining oil will be delivered to the State Oil Marketing Organization (SOMO) for export.

The Ministry of Natural Resources emphasized that the implementation of this agreement hinges on the federal government’s ability to engage in dialogue with the Turkish government. These discussions are crucial to ensure that the terms of the agreement are upheld and that the resumption of oil exports proceeds smoothly.