Davos 2024
Key Oil Pipe Restart Held Up by Cost Disagreements: Iraq PM
- There’s no solution yet, Al Sudani says in Davos interview
- Lower Kurdistan output helps Iraq get closer to OPEC+ quota
Mohammed Shia Al-Sudani
Photographer: Murtada Al-Sudani/AFP/Getty Images
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A crucial oil pipeline that’s been shut for almost 10 months is being held up further by disagreements with producers over payments, Iraqi Prime Minister Mohammed Shia Al-Sudani said.
Renumeration for costs is the latest issue to have hit the northern-Iraq-to-Turkey pipeline, whose closure has resulted in almost $1 billion of lost revenue each month for the semi-autonomous Kurdistan Regional Government and companies operating in the area. The shutdown has kept almost half a million barrels of crude daily from global markets at a time of plentiful supply from elsewhere.