OfficialShipping, energy & marketsAnkara, Turkey
Iraq and Turkey agree one-year deal to keep crude flowing to Ceyhan, bypassing the Gulf
- Mountain Time
- Local time
- 5:53 PM in Istanbul
- Where
- Ankara, Turkey
Iraq and Turkey announced a one-year agreement to keep Iraqi crude flowing through the pipeline to Turkey's port of Ceyhan at 750,000 barrels a day, after their 50-year deal expired on July 27. Turkey's energy minister said the line holds 'a more strategic position than ever' for supply security.
Why it matters
The pipeline is one of the few routes that lets Iraqi oil reach markets without the Strait of Hormuz; both sides said they are working on a long-term deal.
Source
- CBS Newscbsnews.comPublished
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