Turkey and Iraq Sign One-Year Deal to Keep Oil Pipelines Flowing

Turkey and Iraq have signed a one-year deal to keep crude oil flowing through the Kirkuk-Ceyhan Oil Pipeline, officials confirmed on August 1st. The agreement ensures the daily flow of 750,000 barrels per day.

The pipeline has a maximum capacity of about 1.5 million barrels per day, but actual flows have been well below that in recent years. Iraqi Prime Minister Ali al-Zaidi hailed the deal as an 'important strategic milestone' and said it would help extend Baghdad's only functioning oil export route to the Mediterranean.

The signing comes four days after Turkish President Recep Tayyip Erdogan and al-Zaidi met in Ankara. The deal is seen as a key development amid global shifts in oil markets, with Iran's closure of the Strait of Hormuz forcing Baghdad to seek alternative routes.