“I expect the pressures to continue to increase as long as the oil is shut in as long as it continues to impact global markets. And there are a lot of losers here. Turkey is a loser in the situation Iraq itself is [as] it is losing a significant amount of revenue particularly just right after a Baghdad-Erbil budget was made,” Matthew Zais Vice President of HKN Energy told Rudaw on Thursday.
“The international community is losing. A lot of volumes from Kurdistan were going to Europe, which were offsetting Russian volumes,” he added.
“It is affecting everybody and every day that goes by there is gonna be a renewed pressure to come up with some resolution,” he noted.
The International Chamber of Commerce (ICC) arbitration court ruled last week that Turkey had breached a 1973 pipeline agreement that obliges the Turkish government to abide by instructions issued by Iraq regarding the transport of crude oil exported from Iraq.
The process of oil exportation from the Kurdistan Region was halted on Friday and is yet to be resumed.
Zais said that they have not stopped production but they might if there is no storage.
