Kurdistan Dispute and Supply Concerns Drive Oil Prices Up

Oil prices continue to rise as the dispute between the Iraqi government and the semi-autonomous Kurdistan region, which also involves Turkey, escalates. Kurdistan exports about 400,000 bpd via the pipeline that connects Iraq with Turkey, but the government of the semi-autonomous region is discussing next steps with Baghdad. Iraq has stated it is in favor of restarting oil exports from Kurdistan but only on its own terms, which involve the state oil company of Iraq being in charge of the exports, rather than the Kurdish government.