{"id":9735,"date":"2023-05-17T01:26:56","date_gmt":"2023-05-17T05:26:56","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/turkeys-runoff-presidential-election-further-complicates-the-restart-of-a-key-oil-pipeline\/"},"modified":"2023-05-17T01:26:57","modified_gmt":"2023-05-17T05:26:57","slug":"turkeys-runoff-presidential-election-further-complicates-the-restart-of-a-key-oil-pipeline","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9735","title":{"rendered":"Turkey\u2019s runoff presidential election further complicates the restart of a key oil pipeline"},"content":{"rendered":"
\n

The restart of the Iraqi-Turkey pipeline faced further delays as Turkey\u2019s presidential election failed on Monday to come up with a clear winner.<\/p>\n

The country is headed for a runoff election after Turkey\u2019s President Recep Tayyip Erdogan led his challenger Kemal Kilicdaroglu, in terms of votes, but was apparently short of 50% of votes needed to win. <\/p>\n

\n

Read:<\/strong> Turkey ETF tumbles over 9% as presidential election heads for runoff<\/p>\n

Also see:<\/strong> Turkish stocks tumble and dollar reaches new high vs. lira after election stalemate<\/p>\n

The Iraq-Turkey crude-oil pipeline, also known as the Kirkuk-Ceyhan pipeline, has been shut since late March following a court ruling that said Turkey had been allowing Kurdistan to export oil through the pipeline without permission from Iraq.<\/p>\n

Iraq\u2019s semiautonomous Kurdistan Regional Government said on May 11 that Iraq\u2019s State Oil Marketing Organization (SOMO) has asked Turkey to resume oil exports via the Turkish port of Ceyhan, said Jim Burkhard, vice president and head of research for Oil Markets, Energy & Mobility at S&P Global Commodity Insights. The pipeline from northern Iraq to Ceyhan, Turkey typically handles about 450,000 barrels a day of Iraqi crude oil exports. <\/p>\n

\u201cThe Kurdish regional government and the Iraqi Ministry of Natural Resources are waiting for Turkey to respond to the request to reopen the pipeline,\u201d Burkhard told MarketWatch in emailed commentary, but for now, it remains closed. <\/p>\n

SOMO \u201chas signed contracts with the off takers of oil produced in the Kurdish Regional Government area,\u201d he said. \u201cHowever, it is not clear when Turkey will reopen the pipeline.\u201d<\/p>\n

The uncertainty surrounding the outcome of Turkey presidential election complicates that potential reopening. <\/p>\n

\u201cTurkey is holding up Kurdistan\u2019s oil exports as a bargaining chip to force the other side to renegotiate the terms of their legal settlement,\u201d said Manish Raj, managing director at Velandera Energy Partners. He said Turkey owes to Iraq $1.5 billion pursuant to an arbitration ruling, but doesn\u2019t want to pay that amount.\u00a0 <\/p>\n

\u201cBy holding up oil exports worth approximately $40 million per day, Turkey is using advantaged position to strongarm Iraq to drop its demand or settle for a lower amount,\u201d Raj told MarketWatch. \u201cWe believe that this curtailment is temporary, since both parties are motivated to resume oil flows.\u201d<\/p>\n

Still, the amount of barrels, about 450,000 barrels a day, held up by Turkey \u201cdoesn\u2019t move the needle for global trade volumes,\u201d said Raj. The International Energy Agency expects world oil demand to reach a record 101.9 million barrels a day this year, according to an April report. The IEA will release its May oil market report on Tuesday.<\/p>\n

On Monday, the rise in oil prices \u201creflect traders brushing off the recent price declines as perhaps overdone, prompting investors who have been on the sidelines to pull out their wallets to buy the dip,\u201d said Raj.<\/p>\n

<\/p>\n
\n

\n \u201c<\/span>\u201cThe amount of barrels held up by Turkey doesn\u2019t move the needle for global trade volumes.\u201d\u201d<\/span>\n <\/p>\n


\n \u2014 Manish Raj, Velandera Energy Partners<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

U.S. benchmark West Texas Intermediate crude
\n CL.1,
\n -0.13%<\/bg-quote><\/p>\n

CLM23,
\n -0.13%<\/bg-quote>
\n saw its June contract trade up by $1.33, or 1.9%, at $71.37 a barrel on the New York Mercantile Exchange in Monday dealings. The July contract for global benchmark Brent crude
\n BRN00,
\n -0.07%<\/bg-quote><\/p>\n

BRNN23,
\n -0.07%<\/bg-quote>
\n traded at $75.46 a barrel on ICE Futures Europe, up $1.29, or 1.7%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The restart of the Iraqi-Turkey pipeline faced further delays as Turkey\u2019s presidential election failed on Monday to come up with a clear winner. The country is headed for a runoff election after Turkey\u2019s President Recep Tayyip Erdogan led his challenger Kemal Kilicdaroglu, in terms of votes, but was apparently short of 50% of votes needed […]<\/p>\n","protected":false},"author":1,"featured_media":9736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-9735","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTurkey\u2019s runoff presidential election further complicates the restart of a key oil pipeline | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The restart of the Iraqi-Turkey pipeline faced further delays as Turkey\u2019s presidential election failed on Monday to come up with a clear winner. 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