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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil rises two dollars with the suspension of Kurdistan exports and optimism about the banking sector

    Rocky
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    Oil rises two dollars with the suspension of Kurdistan exports and optimism about the banking sector Empty Oil rises two dollars with the suspension of Kurdistan exports and optimism about the banking sector

    Post by Rocky Tue 28 Mar 2023, 5:02 am

    Oil rises two dollars with the suspension of Kurdistan exports and optimism about the banking sector

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    Economy News-Baghdad
    - Oil prices rose by more than $2 on Monday after the suspension of oil exports from the Kurdistan region of Iraq via Turkey and after moves to contain a possible banking crisis that would hurt demand for crude.
    Brent crude futures rose $2.27, or 3%, to $77.26 a barrel by 1650 GMT. The price of US West Texas Intermediate crude was $71.68 a barrel, up $2.39, or 3.5 percent.
    Brent rose 2.8 percent last week, while WTI gained 3.8 percent as concerns about the banking sector receded.
    Crude exports from the Kurdistan region, which account for about 0.5 percent of global oil supply, or 450,000 barrels per day, were halted on Saturday after Baghdad's victory in an arbitration case confirmed that its consent was required to ship oil from Turkey.
    There are also hopes for additional support for banks after it was reported that US authorities have begun deliberations on expanding emergency lending facilities.
    Prices also rebounded after Russian President Vladimir Putin said he would deploy tactical nuclear weapons in neighboring Belarus.
    Russian Deputy Prime Minister Alexander Novak said on Friday that Moscow is very close to achieving its goal of reducing crude production by 500,000 barrels per day, to about 9.5 million barrels per day.
    Data from industry sources and Reuters accounts showed on Friday that Russia plans to cut refinery operations (TADAWUL:2030) in April, allowing it to maintain crude oil exports while adhering to previously announced production cuts.
    Russian oil product exports have so far been hit more than their crude exports after the recent EU embargo, with tons of diesel on board ships awaiting buyers.


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