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Iraq-Türkiye Pipeline Shutdown on Turkish Government Orders

A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)
A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)
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Iraq-Türkiye Pipeline Shutdown on Turkish Government Orders

A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)
A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)

The Kurdistan Pipeline Company has shut the Iraq-Türkiye pipeline at the request of the Turkish government, oil companies in the regions said on Monday.

The news comes after comes after Iraq on Saturday halted crude exports from its northern region after the country won an arbitration case in which it said that Türkiye violated a joint agreement by allowing the Kurdistan Regional Government (KRG) to export oil to Ceyhan.

Iraqi Kurdistan-focused oil firm Genel Energy Plc said it expects the shutdown to be temporary and that it continues to produce oil into storage facilities.

Meanwhile, Norway's Middle East-focused oil firm DNO said the KRG instructed it to temporarily halt oil deliveries to the pipeline for export.

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Türkiye's Erdogan Expects More Interest Rate Cuts in 2025

Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
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Türkiye's Erdogan Expects More Interest Rate Cuts in 2025

Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

Türkiye's President Recep Tayyip Erdogan said on Saturday that there would be more interest rate cuts in 2025 after the central bank cut its key rate by 250 basis points to 47.5% this week.

The Turkish central bank trimmed the one-week repo rate after an 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by Erdogan, who has since changed tack to back the program.

"Priority in our economy program is to lower the inflation... We will hopefully reduce inflation to the required level by using other tools at our disposal in addition to the monetary policy," Erdogan told members of his AK Party (AKP) in northwestern city of Bursa.

"We will definitely start lowering the interest rates. 2025 will be the landmark year for this," he said.

"Interest rates will decrease so that inflation will decrease. We will take this step. This is now indispensable for us."

Erdogan, who once described interest rates as his "biggest enemy," said last month that inflation would fall alongside the interest rate.

The central bank earlier announced that it had reduced the number of scheduled policy meetings next year to eight from 12 in 2024.

According to a Reuters poll's median, the central bank is expected to ease rates to about 28.5% by the end of 2025, with forecasts ranging between 25% and 33%.