The key Iraq-Turkey pipeline that carries crude to Ceyhan has been shuttered since March 25 following an international arbitration ruling, withholding nearly 500,000 b/d of Kurdish Blend Test and Kirkuk crude from the Mediterranean market.

The pipeline is a key source of sour crude for refineries in the Mediterranean market, which has also this year been deprived of Russian Urals crude following the EU's embargo on Russian oil.