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Iraq has resumed exporting Kirkuk oil from the Turkish port of Ceyhan, Reuters reported, citing sources in the industry. More than a year ago, as a result of the confrontation between the central government of Iraq and the semi-autonomous region of Kurdistan, the supply of this crude was stopped. The agency notes that the conflict was resolved thanks to the actions of American diplomacy that influenced both sides. The supply in the world market declined after the restoration of US sanctions against Iran, and the resumption of supplies of Iraqi Kirkuk, which began last Friday, will contribute to its growth. So far, the level of supply of this crude is only 50-60 thousand barrels per day. Reuters sources did not say what level they could reach in the future, noting that earlier their maximum volume was 300 thousand barrels per day.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...
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