Nuhey News

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The Turkish election runoff is impeding crucial oil exports from northern Iraq

Turkey’s runoff election on June 24th has created a bottleneck for key oil exports from northern Iraq, preventing some Kurdish-regional traders from obtaining documentation needed to export the oil. This is due to issues with the Iraqi central government, which is impeding the issuing of documentation in response to the 2019 Turkish military intervention against the Kurdistan Workers’ Party (PKK). This has had a direct effect on oil trading in the Kurdistan region and the inability for traders to export crude oil to Turkey and other locations has caused the prices to plunge. Turkish officials have indicated that new regulations need to be discussed and agreed upon between the two sides in order to address issues like the documentation needed to allow for exports to occur.