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 is awaiting a response from Turkey “within the next 24 hours” regarding the readiness of the pipeline designated for the Kurdistan Region’s oil exports, an official from Iraq’s oil ministry said on Sunday.

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

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.