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.

Iraq plans to resume exporting 185,000 barrels per day from Kurdistan's oilfields via the Iraq-Turkey pipeline. A total of 300,000 bpd is available for export, with the rest used domestically. The resumption follows completed procedures to end a long-standing dispute and pending Turkish confirmation.

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.

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.

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.

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.

According to the statement, oil exports will resume in accordance with available quantities, ensuring a gradual return to international markets.

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.