Baghdad, Erbil agree to resume Kirkuk oil exports

Iraq's federal government and the Erbil-based Kurdish Regional Government (KRG) have reached a tentative agreement to resume oil exports from Iraq's northern city of Kirkuk to Turkey's Ceyhan seaport on the Mediterranean coast.

In a statement, Iraqi Oil Ministry spokesman Assem Jihad said the deal called for the resumption of exports at a rate of between 50,000 and 100,000 barrels per day.

Jihad did not say, however, when exactly the deal was set to go into effect.

According to officials, the export process will be run by Iraq's government-run SOMO oil marketing company.

Oil extraction and pumping from Iraq's northern Kirkuk province was halted in October of last year after Iraqi federal forces seized control of the oilfields from Peshmerga forces loyal to the KRG.

Prior to that, the region had exported up to 250,000 barrels per day to Ceyhan.

Iraq is OPEC's second largest oil producer after Saudi Arabia, producing roughly 4.5 million barrels per day.