Most IOCs Back Kurdistan Oil Restart; Holdouts Remain

Iraq's federal government, the Kurdistan Regional Government and most international oil companies have reached an agreement in principle to resume Kurdish crude exports via the Iraq–Turkey pipeline, with officials saying flows could restart in the coming days once final signatures are in place. The restart would likely add about 230,000 barrels per day to global markets and has contributed to downward pressure on oil prices. Most IOCs have signed the framework, but Norway's DNO and Genel remain holdouts; officials say implementation may proceed even if a holdout does not sign. The draft plan envisages a $16-per-barrel escrow transfer to state marketer SOMO and proportional payments to producers, though roughly $1 billion in arrears remains unresolved. The pipeline has been shut since March 2023 amid legal and payment disputes, including an arbitration award that implicated Turkey, and Turkish officials have indicated they will not obstruct resumption once Baghdad and Erbil agree.