Oil companies operating in the Kurdistan Region hailed the resumption of crude exports as a positive step for Iraq, the Kurdistan Region, and the industry, stressing that the new framework provides clarity and a path to settle outstanding debts.

Myles Caggins, spokesperson for the Association of the Petroleum Industry of Kurdistan (APIKUR), told Channel8 that the agreement marked “a victory for Iraq, the Kurdistan Region, and the oil companies.” He said the tripartite deal between Baghdad, Erbil, and international producers created a clear understanding of each side’s demands.

Caggins told Channel8 that under previous arrangements, crude had been sold domestically for as little as $30 a barrel, underscoring the losses companies endured during the 30-month suspension of exports.

Debt collection and contracts

Speaking to Channel8, Caggins said APIKUR and its member companies will hold a joint meeting within 30 days to begin addressing outstanding debts. He added that existing contracts are scheduled for renewal at the end of December.

The resumption of exports provides an opportunity to stabilize operations, ensure transparency, and build trust between all parties

Caggins told Channel8.

Oil exports from the Kurdistan Region resumed last week through Turkey’s Ceyhan port under a tripartite agreement involving Baghdad, Erbil, and oil firms, following more than two years of suspension.