Iraq’s oil minister said he’s hoping crude oil exports from the country’s northern Kurdistan region will restart in two days after it was halted almost two years ago following a payments dispute.

This marks a significant step towards resolving the nearly two-year dispute that disrupted crude flows between Baghdad and the Kurdistan region.

U.S. President Donald Trump's administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran, eight sources with direct knowledge of the matter told Reuters.

Iraq reiterated on Monday its commitment to an OPEC+ agreement on production cuts and the gradual phase-out of voluntary reductions, ahead of the resumption of oil exports from the Kurdistan Region.

Iraq has reaffirmed its commitment to the OPEC+ agreement, even as the resumption of oil exports from Kurdistan appears imminent.

Iraq’s oil ministry has announced the resumption of oil exports from northern Iraq’s semi-autonomous northern Kurdish region

Oil prices slipped in Asia on Monday, extending losses from last week, on the prospect of a resumption of exports from Kurdistan's oilfields, while investors awaited clarity on talks to resolve Russia's war on Ukraine.

Iraq will receive around 185,000 barrels of crude oil a day from the semi-autonomous region of Kurdistan after exports resume via a pipeline to Turkey, a deputy Iraqi oil minister told the state-run Iraqi News Agency on Sunday without providing a time frame.