Kurdistan announces parliamentary and presidential elections

The autonomous Kurdistan enclave in Northern Iraq plans to hold presidential and parliamentary elections on 1 November after Kurds vote for independence in last month's referendum.

The Kurdistan Regional Government (KRG) said on Tuesday that it had not yet declared independence and that the elections were intended for the parliament and presidency of the region, not for that of an independent state.

Turkish President Tayyip Erdogan said his government would impose further sanctions on 'northern Iraq' as tensions build in the region and raise worries that the US-backed campaign against Daesh insurgents in the region could be compromised as a result.

“We have made every effort to resolve the crisis in the region with facility, wisdom and compromise, and we will [continue]. For now, we are just content with embargoes in certain fields," Erdogan told Turkey's parliament, according to agency reports.

"If they do not come to their senses we will not hesitate to take further steps in accordance with the developments."

Renewed tension in the area has given a boost to oil prices, with the Kurdish region forecast to produce more than 600,000 barrels of crude per day in 2017, the bulk of which goes through Turkey.

Officials in both Ankara and Tehran, Iran voiced concerns that the referendum would embolden Kurdish separatists within their own borders.

After the referendum on 25 September, Baghdad banned all international flights from Kurdish airports, and Iran and Turkey held joint military drills with Iraqi troops on the Kurdistan border.

The Shi'ite Arab-led government of Iraq rejected KRG's offer to discuss independence and instead demanded Kurdish leaders void the referendum result or face further sanctions, international isolation and possible military intervention.

The White House, which had built a strong alliance with the Kurdish people during their cooperative efforts to defeat IS extremists in the area, said it was taking Baghdad's side in the crisis and refused to recognise the outcome of the referendum.

According to the KRG's calculations, the enclave holds reserves of around 45bn barrels of oil, more than Nigeria and representing close to 12% of Iraq’s total supply.