Overview

• Saturday’s restart sends 180,000–190,000 barrels per day to Ceyhan, with officials expecting volumes to build and Iraq’s total exports to approach about 3.6 million bpd.
• Under the arrangement, the Kurdistan Regional Government will deliver at least 230,000 bpd to Iraq’s marketer SOMO and retain 50,000 bpd for local use.
• Producers are to receive a provisional $16 per barrel held in escrow, with remaining revenues transferred to SOMO.
• Most international operators have signed on, while Rosneft, Gazprom Neft and DNO have not joined the deal.
• Arrears of roughly $1 billion remain outstanding, including about $300 million owed to DNO, with parties set to agree on a repayment mechanism within 30 days.