SEATTLE (Oil Monster): Iraq and Turkiye have signed an agreement to continue crude oil exports through the Ceyhan pipeline for a period of one year. At the same time, the two countries have reportedly begun work on a broader long-term framework that could boost export capacity to 1.5 million barrels per day (bpd).
Iraqi Oil Minister Basim Mohammed Khudair said the newly signed agreement with Türkiye's Ministry of Energy and pipeline operator BOTAS allows exports of up to 750,000 bpd. The deal is in replacement of the previous pipeline agreement that expired on July 26, 2026.
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Khudair stated that both countries plan to negotiate a new framework agreement over the coming year. The proposed arrangement would modernize the long-standing energy partnership and potentially double the export limit to 1.5 million bpd. The minister noted that the agreement reflects Iraq's strategy to strengthen economic cooperation with Turkiye.
Turkish Energy Minister Alparslan Bayraktar described the talks as productive and confirmed the signing of the transit agreement between BOTAS and Iraq's state-owned companies, SOMO and NOC. Furthermore, he said that both sides are committed to maximizing the pipeline's potential and developing a long-term partnership.
According to media reports, Iraq and Turkiye are seen exploring wider energy cooperation, beyond oil transportation agreeements.
