The resumption of the Iraqi Kurdistan Regional Government’s supply to international markets comes just days before OPEC and its allies are due to meet to discuss accelerating their recent production increases. According to the International Energy Agency, even before this oil supply enters the market, the world was heading towards a record surplus next year.
According to two people familiar with the matter and Bloomberg tanker tracking and shipping data, the Aframax crude oil tanker Vallesina docked at the port on Thursday and received a loading permit for 700,000 barrels.
The Iraqi Oil Ministry did not respond to a request for comment on the matter.
Following an agreement between Baghdad, Kurdish officials, and oil producers in the semi-autonomous region in northern Iraq, the flow of Kurdish crude oil to Ceyhan resumed over the weekend.
According to sources, the flow of oil to Ceyhan Port was at a level of 150,000 -160,000 barrels per day over the last two days and will increase to around 190,000 barrels per day by the end of this week. According to data compiled by Bloomberg, Iraq produced 4.3 million barrels of crude oil per day in August.
