Türkiye Says to Re-Start Operations of Iraq Oil Pipeline This Week 

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
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Türkiye Says to Re-Start Operations of Iraq Oil Pipeline This Week 

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)

Türkiye will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Türkiye’s Energy Minister Alparslan Bayraktar said on Monday.

"Within this week, we will start operating the Iraq-Türkiye pipeline after resuming operations. It will be able to supply half a million barrels, almost, to global oil markets," Bayraktar said during the ADIPEC conference in Abu Dhabi.

Türkiye has been a reliable transit route for oil and gas, he added.

Türkiye halted flows on Iraq's northern oil export route about six months ago after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports between 2014 and 2018.

Ankara later started maintenance work on the pipeline that contributes about 0.5% of global crude supply.

Baghdad and Ankara agreed to wait until a maintenance assessment on the pipeline, which goes through a seismic zone, was complete to restart flows while still engaging in a legal battle on arbitration awards.

Türkiye was weighing legal action against Iraq, which has an outstanding enforcement case against Türkiye, Bayraktar said last month.



Egypt's Central Bank Leaves Key Interest Rates Unchanged

A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh
A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh
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Egypt's Central Bank Leaves Key Interest Rates Unchanged

A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh
A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh

Egypt's central bank left its overnight interest rates unchanged on Thursday, as expected, saying economic growth remained slow but that inflation has been decreasing.
The bank's Monetary Policy Committee (MPC) left the deposit rate at 27.25% and the lending rate at 28.25%.
All but one of 18 analysts in a Reuters poll had expected rates to remain unchanged, with the sole analyst forecasting a cut of 100 basis points (bps).
The decision keeps the overnight deposit rate below that of headline inflation, which was 27.5% in June. Real interest rates have been negative since January 2022. Inflation declined in June for a fourth straight month after soaring to a record 38% in September.
The MPC expects inflation to come down sharply in the first half of 2025.
"The gradual unwinding of food inflation along with the improvement of inflation expectations suggest that inflation is on a sustained downward trajectory," the MPC said.
Gross domestic product inched down to an annualized 2.2% in the first quarter from 2.3% in the final quarter of 2023, the MPC added.
"Leading indicators for Q2 2024 suggest that economic activity remains subdued. Consequently, real GDP growth is expected to slow down in FY 2023/24 compared to the previous fiscal year, before recovering in FY 2024/25," it said.
Egypt reported GDP of 3.8% in 2022/23.
The central bank raised interest rates by 600 bps on March 6 as part of an agreement with the IMF, bringing total increases since the beginning of the year to 800 bps. Egypt also sharply devalued its currency against the dollar under its IMF accord.