Major pipeline between Iraq and Turkey knocked out by explosion

A major pipeline from Iraq to Turkey was knocked out by an explosion on Tuesday, adding to pressure on already tight oil markets and sending crude prices higher.

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Pipeline operator Botas said the fire was brought under control and cooling operations were under way. The necessary measures were taken and it would reopen once the necessary measures were taken. The cause of the explosion was not known.

It is a key route bringing oil from northern Iraq to Europe via Turkey's Mediterranean port at Ceyhan and compounded a series of disruptions the market has suffered in recent months.

The loss would be a major blow, as the pipeline moved more than 450,000 barrels a day last year and oil prices are already at the highest since 2014.

The explosion occurred in the Turkish province of Kahramanmaras, at kilometer 511 of the route to Ceyhan, Botas said.

Two pipes run side by side and transport more than 450,000 barrels a day, which are loaded onto tankers that usually sail to refineries in Europe. The crude is a mixture of barrels exported on behalf of the central government in Baghdad and the Kurdish Regional Government, which controls the northeast of the country.

The pipelines have been stopped before in 2012 when blasts blamed saboteurs stopped the link for several months.

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