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.

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

Oil exports from Iraq's Kurdistan region are set to resume in a week following an agreement between Kurdish authorities and the federal oil ministry. This announcement was made by Iraqi Oil Minister Hayan Abdel-Ghani,

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.

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.

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.