‘Strategic milestone’: Turkey, Iraq sign one-year deal to keep crude oil pipeline operational

Turkey and Iraq signed a one-year deal to keep the Iraq-Turkey crude oil pipeline operational, extending a decades-old arrangement that expired earlier this week.

The agreement, announced by Turkish Energy Minister Alparslan Bayraktar, allows oil transit of up to 750,000 barrels per day.

The deal gives both countries time to negotiate a longer-term agreement, following a 'productive' meeting in Ankara with Iraqi Oil Minister Bassem Mohammed Khudair.