The Kurdistan Regional Government has proposed to Baghdad an immediate ceasefire after more than a week of fighting following a decision by Baghdad to retake control of disputed Kirkuk and the oil fields around it. The decision was triggered by Kurdistan’s insistence to implement the results of an independence referendum that took place at the end of September. In the course of the clashes these last few days, Iraqi forces along with Iran-backed militias retook both Kirkuk and a number of oil fields around the city. Exports of crude from Kurdistan fell by more than half, to 200,000-250,000 bpd from 600,000 bpd. What’s more, Baghdad built a new crude oil loading point on its southern coast to offset the loss of exports via the Kurdistan-Ceyhan pipeline, which probably contributed to Erbil’s decision to propose a ceasefire. Additionally, there has been talk between Iraq and Turkey about restarting a decades-old […]