Kurdistan halts export
25 February, 2016, 12:00 am
ISTANBUL – Kurdistan’s oil exports to world markets are set to be suspended for a second week running, a shipping source said, a move that will deprive Iraq’s semi-autonomous region of its main revenue stream as the security situation in southeast Turkey worsens.
The pipeline to the Turkish port of Ceyhan from fields in Iraq’s north, which carries around 600,000 barrels per day of crude, has been halted since February 17 and was unlikely to resume pumping until February 29, the source said.
The outage would be one of the longest in the past two years and a major blow to Kurdistan, which depends on revenue from oil exports via the pipeline and is struggling to avert economic collapse brought on by a global slump in energy prices.