Iraq offers Turkey a million barrels of oil a day while the Strait of Hormuz stays closed

During Iraqi Prime Minister Ali Zeydi's visit to Ankara on Tuesday, Erdogan said Baghdad had offered up to one million barrels of crude a day, a figure Zeydi confirmed; no binding agreement on volume or timing was signed. The two sides did agree that Turkish Petroleum will take a 15 percent stake in BP's operations at the Kirkuk field, and they are negotiating a replacement for the Kirkuk–Ceyhan pipeline agreement, which expired in July and has been idle since March 2023. Turkey imports around 90 percent of its oil and is looking for new routes since the Iran war closed the Strait of Hormuz; the same logic is pushing the $17 billion Development Road corridor from Basra to the Turkish border.

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