What You Need to Know
• Turkish President Recep Tayyip Erdogan announced a new oil deal with Iraq on July 29, 2026.
• Turkey’s state-owned Turkish Petroleum will acquire a 15 percent stake in BP Energy Company of Kirkuk Limited.
• Iraq has offered to supply Turkey with up to 1 million barrels of oil per day following a new agreement.
Turkish President Recep Tayyip Erdogan announced on July 29, 2026, that Turkey is set to receive up to 1 million barrels per day of oil from Iraq after purchasing a 15 percent stake in the British Petroleum-run Kirkuk oilfield in northern Iraq. This announcement was made during a joint news conference with Iraqi Prime Minister Ali al-Zaidi in Ankara, where they discussed various bilateral issues, including security and trade. The previous Iraq-Turkey crude oil agreement, which facilitated oil transport via the Kirkuk-Ceyhan Oil Pipeline since 1975, expired on July 27, 2026. Instead of renewing this agreement, Turkey is pursuing a new energy cooperation framework with Iraq to enhance energy security and diversify its energy sources.
Why It Matters
This development highlights the evolving energy relationship between Turkey and Iraq, particularly in the context of regional security dynamics. The expiration of the long-standing oil agreement and the new stake acquisition signify Turkey’s strategic shift to secure energy supplies amid geopolitical tensions. Additionally, the ongoing conflict in the region, including the US-Israel war on Iran, has increased Turkey’s importance as a transit route for Iraqi oil. Strengthening energy ties could also enhance Turkey’s influence in the region while addressing its energy needs.
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