Iraq to Amend Budget in Bid to Restart Crude Exports Via Turkey
- In talks with oil companies, Kurdistan regional government
- Closing has cut off nearly half a million barrels of crude
The Nahr Bin Omar oil field and facility near Iraq's southern port city of Basra.
Photographer: Hussein Faleh/AFP/Getty Images
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Iraq may amend its federal budget to pay recovery and transit fees to international oil companies in a bid to restart a crucial oil pipeline after a year, according its foreign minister.
Talks are underway between oil companies, the Iraqi government in Baghdad and the semi-autonomous Kurdistan Regional Government to resume crude oil exports via Turkey, Fuad Hussein told Bloomberg News on Saturday. The pipeline’s closing has cut off nearly half a million barrels of crude from global markets.