16 Nov 2018; On Friday, 16 November 2018, the Government of Iraq restarted exports of Kirkuk crude oil through the Iraq – Turkey pipeline. Initial volumes flowing through the pipeline average 50,000 barrels per day (b/d). The target is to achieve 100,000 b/d in the coming weeks with the potential for significantly more in the future. The resumption of exports is the result of a tentative agreement between the Federal Government of Iraq and the semi-autonomous Kurdistan Regional Government (KRG). The 50-100,000 b/d will be in addition to the 300-350,000 b/d of Iraqi crude that is already exported through the port of Ceyhan. Most of these Iraqi barrels currently stay in the Mediterranean. Israel, Italy, Greece and Croatia are some of the largest recipients. If we assume that the new barrels will target countries in the Mediterranean as well, the extra volumes will mostly benefit Aframax and Suezmax tankers.
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