Baghdad, Irbil sign deal to restart northern oil exports

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Oil prices hold steady amid economic concerns but with expectations of US crude inventory declines and OPEC output cuts. Iraq agrees to a smaller stake in Total Energies’ $27bn project, hoping to lure foreign investment back to the country, and also signs a temporary agreement to restart northern oil exports with Turkey. EnQuest reports a near 31% increase in free cash flow for 2022, while Exxon Mobil expects Q1 earnings to be impacted by changes in oil and gas prices.

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