Iraq blames foreign firms for delay in crude exports restart from Iraqi Kurdistan region

CAIRO: Iraq’s oil ministry said on Monday that foreign companies operating in Iraqi Kurdistan were partly to blame for the delay in resumption of crude exports from the region.

Foreign companies, alongside the Iraqi Kurdish authorities, had so far not submitted their contracts to the federal oil ministry in order to revise it and issue new contracts that are in accordance with the constitution and the law, a statement by the ministry said.

Oil rises as heightened geopolitical risks exacerbate supply concerns

The Iraq-Turkiye oil pipeline that once handled about 0.5% of global oil supply is still stuck in limbo one year after its closure as legal and financial hurdles impede the resumption of flows from the region.