عربي English Türkçe اردو فارسى
Logo
Latest News
Business

More Talks Needed to Resume Iraq's Northern Oil Exports

A worker performs checks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. REUTERS/Umit Bektas
A worker performs checks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. REUTERS/Umit Bektas
TT
TT

More Talks Needed to Resume Iraq's Northern Oil Exports

A worker performs checks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. REUTERS/Umit Bektas
A worker performs checks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. REUTERS/Umit Bektas

Further talks will be needed in order to resume Iraq's northern oil exports, two officials told Reuters today following a meeting between a Turkish energy technical delegation and Iraqi oil officials in Baghdad on Monday.

"We are discussing all technical aspects regarding the restarting of oil exports. A decision to resume flows will not happen today and more meetings are expected," an oil official familiar with the meeting said on condition of anonymity.

Türkiye halted Iraq's 450,000 barrels per day (bpd) of northern exports through the Iraq-Türkiye pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC).

Türkiye wants to negotiate the size of damages it was ordered to pay in the arbitration ruling and also seeks clarification on other open arbitration cases, said another oil official.

Türkiye’s decision to suspend exports followed an arbitration ruling by the International Chamber of Commerce (ICC), which ordered Türkiye to pay Baghdad damages of $1.5 billion for unauthorized exports by the KRG between 2014 and 2018, Reuters said.

"A decision to restart oil flow needs political talks on higher levels. Issues blocking the resumption of oil exports are more political than technical," said a second oil official.

Attempts to restart the pipeline were delayed by Türkiye’s presidential elections last month and discussions between state-owned marketer SOMO and the KRG over an export deal, which has now been reached.

Hopes of a restart increased when Türkiye’s President Tayyip Erdogan named Alparslan Bayraktar as energy minister on June 3 as part of his cabinet for his new five-year term.

Reuters estimates that the Iraqi Kurdish region has lost more than $2.2 billion over the 87 days of the pipeline outage, based on exports of 375,000 barrels per day and the KRG's historical discount against Brent crude.

Baghdad has now approved its 2023 budget, in which the Kurdistan region will receive 12.67% of the 198.9 trillion-dinar ($153 billion) allocation.

But the region needs to hand its oil to state-owned marketer SOMO in order to receive its allocation and the pipeline halt has shut in almost of its oil output.

The KRG has been dependent on financial transfers from Baghdad, which have so far reached around 1.6 trillion Iraqi dinars ($1.22 billion), according to four Iraqi government officials.

US congress members have urged US secretary of state Antony Blinken to continue pressing Türkiye and Iraq to resume oil exports, according to a letter dated June 15 seen by Reuters.

The letter states that the pipeline halt has cut off the Kurdistan region from over 80% of its revenue, raising concerns over the region's economic stability and the risk of a "significant humanitarian crisis."

"With global supplies of oil and gas facing a continuing threat from Russia's invasion of Ukraine, it's more important than ever to have harmony within Iraq's oil sector," the letter signed by Michael Waltz, Don Bacon and Seth Moulton said.

Most Viewed

 
 
Business

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
TT
TT

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.

Business

Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
TT
TT

Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.

Business

Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
TT
TT

Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.