Kurdish oil exports suspended after pipeline sabotaged in Turkey.
Oil exports from the autonomous Kurdish region in northern Iraq have been suspended for a second week after pipelines were sabotaged in conflict-hit southeastern Turkey, Reuters reported.
Halting the oil exports - Iraqi Kurdistan's main source of income - will deprive the region of much-needed revenue , already reeling from record-low oil prices and an oversaturated market.
The pipeline, which carries about 600,000 barrels of crude per day from the fields in Iraq to Turkey's Ceyhan port, is set to remain closed until Feb. 29, meaning an outage of nearly two weeks since pumping stopped on Feb. 17.
Industry sources have indicated the pipeline was sabotaged. Violence has flared in Turkey's mostly Kurdish southeast , as skirmishes between the Turkish military and Kurdistan Workers' Party (PKK) militants have led to a deteriorating security situation.
The pipeline has been sabotaged several times inside Turkey, with the Kurdish government in Iraq accusing the PKK of targeting it. Although both the KRG and PKK are Kurdish, the PKK opposes the KRG's economic relations with Turkey.
As a result of the outage, Iraq's state-run North Oil Company (NOC) which operates the fields in Kirkuk, has reduced its production from 200,000 barrels per day to about 120,000.
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|Date:||Feb 24, 2016|
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