Kurdistan starts to deliver on oil promise

Gulf Keystone looks to a ‘transformational’ 2026, with the oil producer upbeat for the region should all the vested interests keep their eyes on the prize

After more than two-and-a-half years of halted exports, the Kurdistan Region of Iraq (KRI) entered late 2025 with pipeline flows to Ceyhan reinstated under an interim tripartite framework between Baghdad, Erbil and the IOCs. That restart—initially ramping in the 180,000–208,000b/d range via the Iraq–Turkey Pipeline (ITP)—has reset expectations for 2026. Cautious optimism now pervades the outlook: exports have restarted, a federal–regional fee framework is in place, and SOMO state marketing is functioning and selling crude internationally—albeit below prior volumes and under interim terms but achieving international pricing for the crude quality. “We are excited about a potentially tran