11:29 - 15.07.2026

---

July 15, Fineko/abc.az. Turkish Energy and Natural Resources Minister Alparslan Bayraktar said that negotiations are underway with Baghdad about conclusion of a new agreement on oil pipeline Iraq-Turkey (ITP).

It is reported that if an agreement is reached, Iraqi oil supplies through this route could increase up to 750,000 b/d. With actual blockage of the Strait of Hormuz, finding alternative routes has become vital for Iraq, whose budget deficit increased by 68% up to 11 trillion dinars (approx. $7.3 billion) in the first 4 months of this year due to reduced exports. In this context, Turkey's infrastructure is transforming the country into a major energy corridor, allowing transportation of Gulf oil directly to the Mediterranean coast, bypassing unstable maritime routes.