Iraq and Turkey sign one-year oil export deal for 750,000 barrels per day

Iraq and Turkey have signed a temporary one-year agreement to maintain crude oil exports through the port of Ceyhan, setting an export ceiling of 750,000 barrels per day, with a plan to raise export capacity to 1.5 million barrels per day within a year, according to Iraqi Oil Minister Bassem Mohammed Khudair.

Khudair said the agreement, signed with Turkey’s Ministry of Energy and the company Botas, sets an export ceiling of 750,000 barrels per day, confirming that Iraq aims to double this volume to 1.5 million barrels per day within a year.

The oil minister explained that both sides are holding advanced talks on investing in and developing oil fields inside Iraq, as well as exploring strategic partnerships between Iraqi and Turkish companies in both upstream and downstream sectors.

Meanwhile, Iraqi Oil Ministry spokesperson Salim Al-Rikabi said a government delegation led by Deputy Prime Minister for Energy Affairs and Oil Minister Bassem Mohammed Khudair visited Turkey to sign the temporary agreement, paving the way for a comprehensive, long-term energy deal.

He added that the agreement aims to ensure the continued export of Iraqi crude oil through the port of Ceyhan, noting that it is a tripartite agreement involving Iraq’s SOMO and North Oil Company, and Turkey’s Botas.

Al-Rikabi pointed out that reaching the set export ceiling depends on improved security conditions in the Kurdistan region, the return of foreign companies, the resumption of production in the region, and the transfer of oil from southern to northern Iraq.

He noted that the agreement represents a transitional phase ahead of a long-term deal aimed at boosting export capacity, following the completion of the Basra–Haditha–Kirkuk–Ceyhan pipeline project.