oil prices climb following tension over iraqi kurdistan
Thursday 17 July 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Oil prices climb following tension over Iraqi Kurdistan

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleOil prices climb following tension over Iraqi Kurdistan

Iraqi Kurdistan voted overwhelmingly in favor of independence
London - Muslimchronicle

Oil prices rose on Thursday, spurred by tension around northern Iraq following the Kurdistan region’s vote in favor of independence in a referendum.
Brent crude was up 55 cents at $58.45 a barrel by 1:30 p.m. GMT. It hit a more than two-year high of $59.49 on Tuesday after Monday’s referendum vote prompted Turkey to threaten to close the region’s oil pipeline.
US light crude was up 45 cents at $52.59 after reaching a five-month intraday high of $52.86.
“Kurdistan and northern Iraq now export 500,000-550,000 barrels per day (bpd). That would be a big loss to the market,” said Tamas Varga, analyst at brokerage PVM Oil Associates.
Iraqi Kurdistan voted overwhelmingly in favor of independence, prompting Turkish President Tayyip Erdogan to say he could use force to prevent the formation of an independent Kurdish state and might close the oil “tap.”
Turkey promised on Thursday to deal only with the Iraqi government on crude, “restricting oil export” operations to Baghdad, the office of Iraqi Prime Minister Haider Al-Abadi said.
Torbjorn Soltvedt, principal analyst for the Middle East at risk consultancy Verisk Maplecroft, said there was a roughly 20 percent chance that the pipeline linking northern Iraq and Ceyhan in Turkey would be shut.
“It’s not inconceivable that Turkey would sacrifice trade and oil flows for domestic political issues,” he told the Reuters Global Oil Forum. “If things keep escalating after this then (oil) supply could become a real concern.”
US crude also found some strength from a surprise fall in US stocks. Domestic crude inventories dropped by 1.8 million barrels last week, the US Energy Department said, versus forecasts for a build of 3.4 million barrels.
The outlook for oil demand has strengthened, analysts say.
The International Energy Agency this month raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) from 1.5 million bpd, citing strength in the US and Europe.
Still, US crude production rose to 9.55 million bpd last week, higher than before Hurricane Harvey hit the Gulf Coast.
With Brent futures commanding their highest premium over US crude in more than two years, US crude has become increasingly competitive in foreign markets and exports hit a record 1.5 million bpd last week.
That complicates efforts by OPEC and other major producers to push oil higher through output curbs, as every rise in price encourages more US production.

Source:Arabnews

 

 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices climb following tension over iraqi kurdistan oil prices climb following tension over iraqi kurdistan

 



Themuslimchronicle, themuslimchronicle

GMT 01:18 2012 Friday ,14 September

Al-Qaeda flags in Cairo

GMT 12:17 2017 Tuesday ,11 July

Fadl Shaker could face trial in Lebanon

GMT 07:58 2018 Wednesday ,17 January

Federer and Djokovic take control

GMT 09:24 2017 Tuesday ,21 November

Family ends row over legacy of artist Arman

GMT 04:40 2011 Friday ,28 October

Mazda 787B: Four-rotor motor

GMT 10:11 2017 Monday ,24 April

OPEC news

GMT 07:47 2017 Sunday ,23 April

Actress Reham Abdel Ghaffour reveals her role

GMT 08:17 2018 Tuesday ,23 January

Chinese fans fear crackdown on hip hop

GMT 03:18 2017 Wednesday ,22 March

17 arrested over sewage station protests in Sohag

GMT 08:25 2017 Monday ,06 November

Mohamed saad considers new drama offers

GMT 07:42 2017 Saturday ,26 August

France faces worst wine harvest since 1945

GMT 19:17 2017 Monday ,18 December

Mayor of Libya’s Misrata abducted and killed

GMT 00:46 2017 Thursday ,30 March

Premier Li's Oceania visit

GMT 17:38 2017 Monday ,23 October

Wiggins, Timberwolves silence Thunder

GMT 09:01 2014 Friday ,18 April

Egypt pulls Lebanese star\'s movie

GMT 14:26 2017 Tuesday ,21 February

South Korean striker Ha Tae-Goon may leave Yanbian

GMT 12:43 2015 Thursday ,17 September

Rain to help in fight against California fires

GMT 12:13 2012 Monday ,19 March

I haven\'t got divorced!

GMT 15:56 2011 Tuesday ,09 August

Aussie scrum-half Genia wary of \'new\' Springboks

GMT 10:26 2011 Monday ,07 November

Palestine under cyber-attack

GMT 15:41 2012 Monday ,06 February

2012 Audi A4
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle