A subsea pipeline project could lift export capacity by 500,000 bpd in just over a year, but the funds can't be released until Iraq passes a new budget.

Last-minute additions to the budget bill could undermine a new framework for oil and financial cooperation needed to restart northern exports and support Kurdistan’s oil sector.

Baghdad has sent nearly $1 billion to Kurdistan since March, highlighting political cooperation that could grow into reliable financial flows with the passage of a new budget law.

Iraq is ready to restart pipeline exports and relieve financial pressure on the KRG, but Turkey’s delays are prompting speculation of political complications.

Formal orders from SOMO highlight progress in Baghdad-Erbil negotiations to implement a new framework for Kurdistan’s oil and revenue. All eyes are now on Turkey.