Iraq and Kurdistan Strike Deal to Restart Key Oil Pipeline

The governments of Iraq and the semi-autonomous region of Kurdistan have reached an agreement on the terms to restart the flow of oil via the Kirkuk-Ceyhan oil pipeline, starting today. Oil prices dipped on the news, even though the pipeline’s capacity is up to 250,000 barrels daily, meaning it will not make much of a difference in global supply. Brent crude was trading at over $101 per barrel at the time of writing, down from $103, and West Texas Intermediate was changing hands for close to $93. Iraq has had to slash its production from…