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 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.

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

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.

Minister Abdul Ghani emphasized the continued cooperation between Iraq and Turkey, stating that discussions with Turkish officials are ongoing to finalize the necessary agreements.

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.

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.