Irak and Suriah revive Kirkuk-Baniyas oil pipeline
The alternative route to the Mediterranean is being readied as disruptions in the Selat Hormuz cut Irak oil output by more than 50 percent.
Irak and Suriah signed a memorandum of understanding to restore the Kirkuk-Baniyas oil pipeline, which links northern Irak to Suriah's Mediterranean coast. The deal was signed in the United States on the sidelines of an investment meeting for Irak, with representatives from Basra Oil Company and Syrian Petroleum Company. The line is an alternative to the Selat Hormuz, where tanker traffic has been disrupted by the AS-Iran war. Citing OPEC data, CNBC reported Irak's oil production fell by more than half to about 1.9 million barrels per day in June from about 4.2 million barrels per day in February. ANTARA reported the pipeline's restoration is projected to raise capacity to about 2 million barrels per day. The Kirkuk-Baniyas pipeline began operating in 1952 and stopped functioning after it was damaged during the AS invasion of Irak in 2003.