Iraq To Restart Kurdistan Oil Exports On September 27

Core Viewpoint - The resumption of oil exports from the Kurdistan region is set to begin on September 27, following agreements between Iraq's federal government, the Kurdistan Regional Government (KRG), and international oil companies, although DNO ASA will not ship its crude directly to the Iraq-Turkey pipeline [3][5]. Group 1: Export Resumption Details - Exports will include the Kurdistan Regional Government's share from DNO's Tawke license, averaging 38,000 barrels per day (bpd), while an additional 30,000 bpd will be sold to local buyers under existing contracts [4]. - The total expected addition to the international market from Kurdistan is approximately 230,000 bpd [6]. Group 2: Company Positions and Agreements - DNO ASA and Genel Energy have not signed the recent deal until the KRG guarantees payment for owed funds [5]. - DNO has opted to continue selling oil on a cash-and-carry basis at a price in the low USD 30s per barrel, rather than engaging directly in exports at this time [6]. Group 3: Market Implications - The additional supply from Kurdistan is anticipated to enter the market as analysts predict an oversupply situation following the peak summer demand season [7].