Iraq, KRG reached initial agreement to resume Northern Oil exports

Iraqi federal government and the Kurdistan Regional Government (KRG) have agreed to resume northern oil exports this week. The initial agreement will last until the approval of the oil and gas law bill by the Iraqi Parliament. The exports were stopped after a Paris-based arbitration court ruled that Turkey had violated a 1973 agreement with Iraq by exporting oil from the semi-autonomous Kurdish region without Baghdad’s consent. The resumption of oil flows from the KRG will still require approval from Turkey. The move is expected to resolve tensions between Iraq and its semi-autonomous region.