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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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    Report: Restarting the Iraqi-Turkish pipeline may act as a “headwind” for the oil market

    Rocky
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    Report: Restarting the Iraqi-Turkish pipeline may act as a “headwind” for the oil market Empty Report: Restarting the Iraqi-Turkish pipeline may act as a “headwind” for the oil market

    Post by Rocky Tue Nov 14, 2023 4:09 pm

    Report: Restarting the Iraqi-Turkish pipeline may act as a “headwind” for the oil market

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    Oil field worker



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    Economy News - follow-up
    An international report stated that renewed talks in Iraq to restart the oil pipeline with Turkey may act as a “headwind” for the market .
    Oil prices rose on Tuesday, after a report by the Organization of the Petroleum Exporting Countries (OPEC) said that market fundamentals remain strong and against the backdrop of fears of possible supply disruption as the United States tightens its grip on Russian oil exports .
    By 01:13 GMT, Brent crude futures rose 33 cents, equivalent to 0.4%, to $82.85 per barrel. US West Texas Intermediate crude futures also increased 33 cents, or 0.4%, to $78.59 per barrel .
    In its monthly report, OPEC blamed speculators for the latest drop in prices. It also slightly raised its forecast for global oil demand growth in 2023 and stuck to its relatively high forecast for 2024 .
    Last week, oil prices fell to their lowest level since July, affected by fears of a possible decline in demand in the United States and China, the world's largest oil consumers. China's consumer price index fell in October to levels not seen since the Covid-19 pandemic, and exports for that month contracted more than expected .
     A report published by the “CNBC Arabia” network quoted ANZ Research analysts in a note on Tuesday, saying that “the declining morale in the recent period prompted OPEC to confirm its view that consumption is good .”
    The note added, "Renewed talks in Iraq to restart an oil pipeline may serve as a headwind to the market ."
    Oil Minister Hayan Abdul Ghani expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume production from the oil fields in the region and to resume exports from the northern fields via the Iraqi-Turkish pipeline .
    Turkey has stopped flows amounting to 450,000 barrels per day of northern exports through the pipeline since March 25, after a ruling issued by the International Chamber of Commerce .


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