Iraq is in talks with Iran on an arrangement to allow Iraqi oil exports, but the mechanism has not yet been activated, Reuters reports citing the country’s Oil Minister Basim Mohammed.
He has given no details on the proposed route, expected volumes, or a timeline for the arrangement.
Iraq currently produces about 2.7 million barrels per day (bpd) and exports roughly half of that amount, the minister said during a press conference, adding that export capacity this month is capped at 1.5 million to 1.75 million bpd.