Overview
- Flows to Turkey’s Ceyhan terminal began Wednesday at 10 a.m. local time, according to Iraq’s oil minister.
- Initial exports are around 250,000 barrels per day under an arrangement that returns revenue to the federal treasury and establishes a joint committee with security measures.
- The northern route bypasses the Persian Gulf as Iraq’s southern output has slumped to roughly 1.3–1.4 million barrels per day due to disrupted Hormuz traffic.
- Oil prices eased on the announcement, with Brent and WTI slipping from earlier highs, signaling only modest supply relief.
- Turkey’s energy minister proposed extending the pipeline to Basra to handle far larger volumes, a multiyear, high-cost idea that remains at the proposal stage.