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It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Leon Li, Emily Chow, Edwina Gibbs, Stephen Coates Organizations: REUTERS, Rights, Brent, ING, Organization of, Petroleum, Strategic Petroleum Reserve, U.S . Treasury Department, Kurdistan Regional Government, of Commerce, International Energy, APEC, Markets, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Washington, Moscow, Iraq, Kurdish, Turkey, Shanghai

☆ Oil prices edge up after OPEC says market fundamentals are strong
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters) - Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Oil prices were also supported by a U.S. crackdown on Russian oil exports, potentially disrupting supply. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Emily Chow, Edwina Gibbs Organizations: REUTERS, Rights, Brent, Organization of, Petroleum, ANZ Research, Kurdistan Regional Government, of Commerce, U.S . Treasury Department, Strategic Petroleum Reserve, International Energy, Energy, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Iraq, Kurdish, Turkey, Washington, Moscow

☆ Iraq expects deal to resume Kurdistan oil output within three days
▼ + stars: | 2023-11-12 | by ( Ahmed Rasheed | ) www.reuters.com time to read: +2 min

Iraq's oil minister, Hayan Abdel-Ghani, speaks during a press conference at Iraq's Majnoon oil field near Basra, Iraq, May 12, 2023. REUTERS/Essam Al-Sudani/File Photo Acquire Licensing RightsSummaryCompanies Iraq reached understanding with Turkey on oil exportsBaghdad seeks deal to adjust KRG oil contractsBAGHDAD, Nov 12 (Reuters) - Iraqi oil minister Hayan Abdel-Ghani expects to reach an agreement with the Kurdistan Regional Government (KRG) and foreign oil companies to resume oil production from the Kurdish region’s oilfields within three days, he said on Sunday. Abdel-Ghani and top federal oil officials on Sunday started meetings with the KRG's ministry of natural resources and senior Kurdish energy officials to discuss the matter. "The purpose of this meeting is to resolve all issues to facilitate resumption of oil production and exports," Abdel-Ghani told reporters in Erbil. APIKUR's members include international oil and gas companies that have a direct or indirect interest in upstream oil or gas contracts in Iraq's Kurdistan region, many of which have had to stop output because of the pipeline closure.

Persons: Hayan Abdel, Ghani, Essam, Abdel, Ahmed Rasheed, William Maclean, David Goodman Organizations: REUTERS, Kurdistan Regional Government, of Commerce, ICC, Association of, Petroleum Industry, Thomson Locations: Basra, Iraq, Turkey, Baghdad, BAGHDAD, Kurdish, Erbil, Iraq's, Kurdistan, Ankara, Iraq's Kurdistan

☆ Turkey says to re-start operations of Iraq oil pipeline this week
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Turkey's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Turkey, September 14, 2023. Turkish Energy Ministry Press Office/PPO/Handout via REUTERS/File photo Acquire Licensing RightsABU DHABI, Oct 2 (Reuters) - Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday. "Within this week, we will start operating the Iraq-Turkey pipeline after resuming operations. Turkey has been a reliable transit route for oil and gas, he added. Turkey was weighing legal action against Iraq, which has an outstanding enforcement case against Turkey, Bayraktar said last month.

Persons: Alparslan Bayraktar, ABU, Bayraktar, Maha El, Nadine Awadalla, Louise Heavens, Jonathan Spicer Organizations: Turkey's Energy, Turkish Energy Ministry Press, REUTERS, International Chamber of Commerce, ICC, Iraq, Thomson Locations: Ankara, Turkey, Handout, ABU DHABI, Iraq, Abu Dhabi, Baghdad

☆ Best small-cap stocks to play an economic recovery, according to Bank of America
▼ + stars: | 2023-08-28 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Bank of America is getting more optimistic on an economic recovery — and it believes the biggest winners in the inflection period could be small-cap stocks. The average analyst price target on shares suggests 17% additional upside, according to Refinitiv. The consensus analyst price target is $38.82, which implies shares could rally more than 16% from Friday's close. URBN YTD mountain Urban Outfitters shares Dental products supplier Patterson Companies also made the list of promising small-cap names as the economy begins an inflection stage. Four-fifths of analysts covering the stock give it a hold rating, and the average price target suggests only 5.3% upside potential.

Persons: Jill Carey Hall, Cash, — CNBC's Michael Bloom Organizations: of America, Russell, Energy, Northern Oil, Chord Energy, RBC Capital, Oil, Gas, Urban, Urban Outfitters, Patterson Companies Locations: U.S, Friday's

☆ Iraq oil minister in Turkey to discuss resuming northern oil exports -sources
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, Aug 21 (Reuters) - Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq's northern oil exports via Turkey's Ceyhan port, said an oil official. Turkey halted Iraq's 450,000 barrels per day (bpd) of exports through the northern Iraq-Turkey pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC). Turkey wants to negotiate regarding the size of damages it was ordered to pay in the arbitration ruling and also seeks clarification on other open arbitration cases. "Iraq's oil minister is in Turkey to discuss obstacles delaying the resumption of oil exports and how to resolve lingering issues," said an oil ministry official who is close to the Iraqi northern oil exports operations.

Persons: Hayan Abdel, Ghani, Ahmed Rasheed, Ahmed Elimam, Susan Fenton, David Gregorio Our Organizations: Reuters, International Chamber of Commerce, Chamber of Commerce, ICC, Kurdistan Regional Government, Thomson Locations: BAGHDAD, Turkish, Ankara, Turkey, Iraq, Paris, Iraqi Kurdistan, Baghdad, Ceyhan, Kurdistan

☆ Oil dips 2% on economic woes and stronger dollar
▼ + stars: | 2023-04-25 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas. Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies. Gold prices also were flat as the dollar strengthened, while U.S. stocks fell as weak earnings fanned economic fears.

April 24 (Reuters) - Iraq's northern oil exports showed few concrete signs of an imminent restart after a month of standstill, as aspects of an agreement between Baghdad and the Kurdistan Regional Government (KRG) have yet to be resolved, according to four sources. Baghdad and Erbil, the capital of Iraq's semi-autonomous Kurdistan region, signed a temporary agreement on April 4 to restart northern oil exports. The KRG and Iraq's oil ministry did not respond to requests for comment. Iraq's lack of willingness to discuss these issues has frustrated Turkey, according to one source. Fields which are still running include Khurmala, which has reduced output from around 135,000 bpd to 100,000 bpd, according to a source familiar with field operations.

☆ Oil prices settle higher on optimism about fuel demand in China
▼ + stars: | 2023-04-24 | by ( ) www.cnbc.com time to read: +2 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world's largest oil importer. China's bumpy economic recovery after the COVID-19 pandemic has clouded the oil demand outlook, though Chinese customs data on Friday showed record volumes of imports in March. "There's a lot of optimism around Chinese holidays as it relates to jet fuel demand, the first genuine numbers on Chinese demand construction," said Bob Yawger, director of energy futures at Mizuho. "Planned output cuts by the OPEC+ alliance and a strong demand outlook from China could provide a fillip to prices in the coming days", said independent oil analyst Sugandha Sachdeva.

☆ Oil slips on economy worries, despite upbeat China data
▼ + stars: | 2023-04-18 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude was also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month. Brent crude fell by 18 cents, or 0.2%, to $84.58 a barrel by 1336 GMT, giving up early gains. "As things stand, it's all systems go in China, much to the relief of those betting on higher oil prices," said Stephen Brennock of oil broker PVM. But the prospect of another increase to U.S. interest rates, which has been supporting the U.S. dollar, remained a drag on sentiment. Analysts expect U.S. crude inventories to fall by about 2.5 million barrels and also forecast declines in gasoline and distillates.

☆ Oil prices steady as strong China data offsets US rate worries
▼ + stars: | 2023-04-18 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSummarySummary Companies U.S. dollar, interest rate concerns pressure oilG7 coalition to keep Russian oil price cap at $60/bbl -sourceBaghdad, KRG take step toward resuming Iraq oil exportsChina's Q1 GDP data expected to support oil pricesSINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here," Price Futures Group analyst Phil Flynn said. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.

The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike. Dollar strength makes oil more expensive for other currency holders and can weigh on demand. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors to gauge the near-term trajectory for interest rates. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ Oil edges higher as tighter supply looms, growth concerns weigh
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. A deal was signed last week to restart the flows, but as of Thursday they hadn't resumed. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ Oil steadies as tighter supply balances growth concerns
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Brent crude slipped 3 cents to $85.09 a barrel by 0816 GMT, while U.S. West Texas Intermediate crude gained 8 cents to $80.78. "I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.

Companies Baker Hughes Co FollowApril 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil steady as investors weigh tighter supply vs. growth outlook
▼ + stars: | 2023-04-10 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, April 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil edges higher on prospect of tighter supplies
▼ + stars: | 2023-04-10 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies Baker Hughes Co FollowSINGAPORE, April 10 (Reuters) - Oil prices nudged higher in early Asian trade on Monday, supported by the prospect of tighter supplies from OPEC+ producers from May, but concerns about the global economic outlook capped gains. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers. Following the announcement, top exporter Saudi Arabia raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil steady as investors weigh tighter supply versus growth outlook
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

Iraq, OPEC's second largest oil producer, exports the bulk of its oil through its southern Gulf port of Basra. An Iraqi oil ministry official with knowledge of the meeting said the aim was to reassure the companies that their deals with the Kurdistan Regional Government (KRG) were secure. Baghdad and the KRG signed a temporary agreement on Tuesday to restart northern oil exports as part of efforts to end decades of political and economic disputes. Petraco confirmed its presence at talks in Baghdad and said it was currently awaiting further developments. Further complicating the picture, Kurdistan has borrowed billions of dollars from trading houses and oil producers, including to build a new pipeline to Turkey, pledging to repay debts from future oil exports.

Baghdad had argued that Turkey had violated a joint agreement by allowing the KRG to export oil to Ceyhan without its consent. Iraq's oil ministry in Baghdad said on Sunday it hopes to reach a final agreement soon with the KRG on resuming northern oil exports. Iraq's oil ministry said that details on the new export agreement would be announced "in due course". The resumption of pipeline flows from Iraq's semi-autonomous Kurdistan region will still need approval from Turkey. "A letter of request to resume oil flows will be sent by Baghdad to Ankara," a KRG official told Reuters on Sunday.

☆ Iraq to ask Turkey to restart northern oil exports after initial KRG deal
▼ + stars: | 2023-04-02 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, April 2 (Reuters) - Iraq's federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to restart northern oil exports this week, a KRG spokesman said on Sunday, and Baghdad will write to Turkey to request a resumption in pipeline flows. Baghdad had argued that Turkey had violated a joint agreement by allowing the KRG to export oil to Ceyhan without its consent. The resumption of pipeline flows from Iraq's semi-autonomous Kurdistan region will still need approval from Turkey. "A letter of request to resume oil flows will be sent by Baghdad to Ankara," a KRG official told Reuters on Sunday. Sources last week told Reuters that Turkey wants an unfinished court case settled with Iraq before the pipeline reopens.

LONDON/BAGHDAD, April 1 (Reuters) - Iraq's federal government and the Kurdistan Regional Government (KRG) are close to striking a deal aimed at resuming northern oil exports, four sources familiar with the discussions told Reuters on Saturday. Revenues will be deposited in an account managed by the MNR and supervised by Baghdad, the KRG official said. Iraq's oil ministry spokesman could not immediately be reached outside regular business hours. Baghdad and the KRG have agreed to continue meetings following the resumption of oil exports to find solutions to other lingering problems. "[These include] the contracts of the foreign companies operating in Kurdistan and the Kurdish debts," the senior Iraqi oil official said.

DAVOS, Switzerland, Jan 17 (Reuters) - A long-running dispute on oil revenue-sharing between Iraq's national government and the semi-autonomous Kurdistan region may be resolved within months with agreement on a hydrocarbons law, Iraqi Kurdish Prime Minister Masrour Barzani said on Tuesday. Agreement on regular budget payments from Baghdad would help authorities in the Kurdish Regional Government resolve payment delays to international oil companies in the region, as well as easing a backlog in salary payments for KRG employees. Asked about the timing for agreement on the hydrocarbon law, Barzani said it should be within months. Under the Iraqi constitution, the KRG is entitled to a portion of the national budget. The standoff has affected the KRG's ability to pay international oil companies (IOCs) operating on its territory and to pay thousands of local employees.

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