Tankers waiting nearly a month to load crude from Iraq’s Kurdish region have departed waters near the pipeline terminal in Turkey, an indication that oil won’t soon flow from the area amid a standoff between the governments involved.
The vessels Neverland and Amax Anthem left the waters near Ceyhan in Turkey over the weekend without loading any crude, according to Bloomberg ship-tracking and port agent reports. Three tankers chartered to take Kurdish crude are still waiting near the port. The five vessels were hired to carry a total of about 4 million barrels of oil.
The lack of roughly 450,000 barrels a day of crude sales from Ceyhan has tightened supplies ahead of further cuts announced by producers in the Organization of Petroleum Exporting Countries and partner countries in the OPEC+ grouping. The export halt may be protracted as a restart awaits settlement of the payments dispute between Iraq and Turkey over the sales.
Iraq, the second-largest producer in OPEC, exports crude from its northern fields via pipeline to the Turkish port of Ceyhan on the Mediterranean. After jumping about $10 since the export halt and the OPEC+ announcements Brent crude is trading at about $80 a barrel.