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

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's Oil Minister confirmed on Monday that the Iraq-Turkey pipeline, designated for the resumption of the Kurdistan Region’s oil exports through Turkey's Ceyhan port, is ready to use.

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

The president of Iraq’s semi-autonomous Kurdistan region signaled the likely resumption of oil exports next month, the latest optimism that an almost two-year shutdown that cost the nation some $19 billion in lost revenue could soon be over.

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.

Kurdistan is set to resume oil exports by the end of March following a two-year halt due to a dispute with the Iraqi government.

Oil prices slipped in early trade 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 end Russia's war on Ukraine.