Mohammed explained that while the suspension of Kurdistan Region oil exports in the past had caused setbacks for the oil fields, efforts are now underway to restore production levels.

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.

Iraqi authorities have rejected reports that they have allowed a resumption of oil exports from the Kurdistan region because of threats by the US government.

Oil exports from the semi-autonomous Kurdistan region will resume next week, Iraq's oil minister said on Monday, resolving a near two-year dispute as ties between Baghdad and Erbil improve, potentially adding more supply to the oil market and weighing on prices.

The Iraqi Oil Ministry announced the completion of all procedures required to resume oil exports from Iraqi Kurdistan.

Iraq has completed preparations to resume oil exports from the Kurdistan region through the Iraqi-Turkish pipeline via the port of Ceyhan, the Ministry of Oil announced on Saturday. The move aligns with the budget law and Iraq’s OPEC production quota.

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.

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.

Iraq’s oil ministry repeated that it’s ready to restart exports from the semi-autonomous region of Kurdistan via a pipeline to Turkey that’s been shut for almost two years.