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 ministry has announced the resumption of oil exports from northern Iraq’s semi-autonomous northern Kurdish region

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.

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.

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

The Kurdistan Regional Government (KRG) on Sunday said that it has struck an agreement with Baghdad to restart the Kurdistan Region's long-anticipated oil exports after the Iraqi government confirmed the completion of procedures.

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.

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.