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Al-Jaber serves as the CEO of the state-run Abu Dhabi Oil Co., which has the capacity to pump 4 million barrels of crude oil a day and hopes to reach 5 million barrels a day. He also made the call to the annual Abu Dhabi International Petroleum Exhibition and Conference, which brings together the largest players in the oil and gas industries. And al-Jaber himself has repeatedly said the world must rely on oil and gas for the near-term to bridge that gap. Though all smiles at Monday's conference, al-Jaber has acknowledged the withering criticism he's faced. Iraqi and regional Kurdish government officials did not immediately acknowledge the pipeline reopening, though Iraq's oil minister has said it was anticipated, without elaborating.

Persons: Sultan al, Jaber, al, Al, “, he's, it’s, ” al, Haitham, Ghais, Alparslan Bayraktar, ”, Bayraktar Organizations: United, United Arab Emirates, Abu Dhabi Oil Co, Abu, Abu Dhabi International Petroleum Exhibition, Conference, Brent, United Arab, Turkish Energy, Kurdish Locations: ABU DHABI, United Arab, United Nations, Abu, Abu Dhabi, Russia, United Arab Emirates, Jaber, OPEC, Iraqi, Turkish, Turkey, Ceyhan

☆ Why the volatile South Caucasus is important for oil and gas supplies
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The region is criss-crossed with oil and gas pipelines, though none are in close proximity to Karabakh itself. OIL- Azerbaijan's primary route for oil exports is the Baku-Tbilisi-Ceyhan (BTC) pipeline, which accounts for around 80% of country's oil exports and runs via Georgia and on to the Turkish Mediterranean coast. - Azerbaijan's total oil exports in January-July 2023 were 23.1 million tons (800,000 bpd), of which 76.3% flowed through the BTC. NATURAL GAS- Azerbaijan has plans to increase natural gas exports to Europe. Azerbaijan exported 6.6 bcm of natural gas to Europe in January-July.

Persons: Deniz, Vladimir Soldatkin, Mark Trevelyan Organizations: BTC, BP, Thomson Locations: MOSCOW, Azerbaijan, Nagorno, Karabakh, South Caucasus, Armenia, Baku, Tbilisi, Ceyhan, Georgia, Turkish, Russia, Supsa, Europe, Azeri

☆ Oil set for 2nd weekly fall on firm dollar as supply worries ebb
▼ + stars: | 2023-08-25 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

Brent crude rose 30 cents, or 0.4%, to $83.66 a barrel by 0434 GMT, while U.S. West Texas Intermediate crude was up 31 cents, also 0.4%, at $79.36 a barrel. Crude prices are set to fall between 1.5%-2.5% for the week, a second consecutive week of decline. A strong dollar makes oil more expensive for holders of other currencies, denting demand. Further weighing on market sentiment, U.S. officials are drafting a proposal that would ease sanctions on Venezuela's oil sector, allowing more companies and countries to import its crude oil. Analysts estimated that the top oil exporter will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further.

Persons: Chen Aizhu, Jerome Powell, Brent, Jun Rong, Powell's, Laura Sanicola, Muyu Xu, Jacqueline Wong Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Companies United, Federal, U.S, West Texas, IG, Haitong Futures, Analysts, Thomson Locations: China, Dalian, Liaoning province, Companies United States, America, Turkey, Kurdistan, Iraq, Saudi Arabia

☆ Oil dips on possible easing of tight supply, China woes hurt demand outlook
▼ + stars: | 2023-08-22 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

"Crude oil struggled to keep its head above water on signs of supply tightness easing," said Brian Martin and Daniel Hynes, analysts from ANZ Bank in a note to clients. 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. Meanwhile, gloom over the economic outlook in China, the world's second biggest oil consumer, continued to pressure oil prices and heighten worries about fuel demand. Putting a floor to oil prices, U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods.

Persons: Lucy Nicholson, Brent, Brian Martin, Daniel Hynes, Hayan Abdel, Ghani, Muyu Xu, Katya Golubkova, Shri Navaratnam Organizations: REUTERS, Rights, . West Texas, ANZ Bank, Reuters, International Chamber of Commerce, of, Petroleum, Eurasia Group, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, Fed, Thomson Locations: Bakersfield , California, OPEC, Turkish, Ankara, Turkey, Iraq, China, Beijing, Eurasia, Singapore, Tokyo

☆ 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

☆ Russia's crude price exceeds G7 price cap as market braces for supply crunch
▼ + stars: | 2023-07-14 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Spot prices of Russia's crude oil this week surpassed the $60-per-barrel threshold of the Group of Seven's oil price cap scheme, as Moscow and Riyadh tighten supplies. The G7 introduced its oil price cap mechanism on Dec. 5 to retain Russian flows in the market while also limiting revenue for the Kremlin's war coffers. Under the G7 scheme, Western shipping and insurance providers can offer services to non-G7 buyers of Russian crude if the crude oil is acquired at a price below $60 per barrel. Spot assessments from commodities pricing agency Argus show that Urals prices on July 12 reached $60.18 and $60.78 per barrel for Primorsk and Novorossiysk-loaded cargoes, respectively. S&P Global Platts meanwhile valued Primorsk cargoes at $60.32 per barrel on July 11 and Novorossiysk Urals crude at $60.26 per barrel on July 12.

Persons: P Global Platts, —, Giovanni Staunovo, they're, David Fyfe Organizations: Argus, P Global, CNBC, Ice Brent, of, Petroleum, International Energy Agency, UBS, P, Commodity Insights Locations: Moscow, Riyadh, Ust, Luga, Novorossiysk, —, Libya, OPEC, Saudi Arabia, Russia, Turkey, Iraq, Lower U.S

☆ Turkey's runoff election is paralyzing key oil exports from northern Iraq
▼ + stars: | 2023-05-25 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +6 min

Oil typically flows through Turkey from both the Iraqi state and the semi-autonomous Kurdistan Regional Government (KRG). More specifically, this Kirkuk crude flows down the Iraq-Turkey Pipeline linking the north of the Gulf country with Turkey's Ceyhan port in the Mediterranean. But the flows have been paralyzed since March 25 by a legal dispute involving federal Iraq, the KRG and Turkey. This decision led to U.S. companies deciding to exit contracts in Kurdistan and deterred some KRG oil buyers from further purchases. "The ruling party in Turkey [Erdogan's AKP] wants to settle the elections and then deal with KRG's oil with Baghdad."

Persons: KRG, Hayan Abdul, Ghani, —, Recep Tayyip Erdogan, Kemal Kilicdaroglu, Lawk Ghafuri, Yerevan Saeed, Saeed, Bilal Wahab, Wagner Organizations: CNBC, Kurdistan Regional Government, Turkey Pipeline, International, Commerce's, Reuters, ICC, Baghdad, BTC, Kurdistan, Gulf Institute, Sinjar, Washington Institute for Near East Locations: Turkey, Ankara, Baghdad, Iraqi, Kurdistan, Kirkuk, Iraq, Basra, Paris, U.S, Ceyhan, Baku, Syria, Erbil, Yerevan, Washington

At least 300,000 barrels of oil equivalent per day (boepd) production was shut in last week in Alberta. Also supporting oil prices, the U.S. could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale in June, Energy Secretary Jennifer Granholm told lawmakers on Thursday. Global crude supplies could also tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - plan additional output cuts. Fears of a slowdown in the global economy limited gains in oil prices. "If credit conditions ease over the coming months, allaying economic fears for the world's largest economy, oil prices could bounce back without assistance but it seems a little premature at this point," said OANDA analyst Craig Erlam.

☆ Oil prices rise as tight supplies compete with economic concerns
▼ + stars: | 2023-05-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Still, global crude supplies could tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - is making additional output cuts that are reducing sour crude volumes. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani. Meanwhile, flows of northern Iraqi crude oil to Turkey's Ceyhan port have yet to resume following Baghdad's request to restart them last week, industry sources said on Monday, helping keep global supplies tight. The tightening of sanctions will also seek to undermine Russia's future energy production and curb trade that supports the Russian military, the people said.

☆ Oil prices slide 2%, US jobless data and debt-ceiling talks weigh
▼ + stars: | 2023-05-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slid about 2% on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world's biggest oil consumer, while rising U.S. jobless claims weighed on sentiment and a stronger dollar pressured oil too. A stronger U.S. dollar makes oil more expensive in other countries. Higher interest rates can weigh on oil demand by boosting borrowing costs, pressuring economic growth. U.S. Treasury Secretary Janet Yellen urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn. U.S. producer prices rose moderately last month, the smallest annual producer inflation increase in more than two years.

[1/2] Zsolt Hernadi, Executive Chairman of Hungarian oil and gas group MOL poses during an interview with Reuters in Budapest, Hungary, April 27, 2023. Hernadi said MOL was fighting to prevent a hike in oil transit fees in Ukraine and also in Croatia. The BTC pipeline transports crude oil from offshore oil fields in the Caspian Sea to the Turkish coast. He said MOL would pay Ukraine's pipeline operator Ukrtransnafta directly for the transit of Russian oil but there was still a dispute over a Ukrainian hike in fees. "There are still disputes, discussions ongoing about the transit fee, as a multi-fold increase has been flagged (by Ukraine)."

☆ Exclusive: Kazakhstan has ramped up oil exports bypassing Russia
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Pavel MikheyevMOSCOW, April 21 (Reuters) - Kazakhstan ramped up oil exports bypassing Russia in the first quarter of 2023 as it seeks to reduce its dependency on its vast neighbour, data from industry sources and Refinitiv showed. While Kazakh oil exports through the Caspian Sea and the Caucasus are relatively small, they have risen sharply since Moscow began what it calls a "special military operation" in Ukraine in February last year. Last year, Kazakhstan's oil exports via routes other than Russia reached 1.8 million tonnes (36,000 barrels per day), up by 638,000 tonnes from 2021. The main, and most profitable, route for oil exports from Kazakhstan remains the Caspian Pipeline Consortium (CPC), which supplies the global market via a Russian Black Sea terminal. Supplies via CPC dipped 1% last year to 51.99 million tonnes, but they still represented more than 80% of total oil exports from Kazakhstan.

☆ 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.

☆ Oil slips as recession fears loom over economic data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes, though Chinese GDP data was expected to augur well for demand growth. Both contracts notched their fourth weekly gain in a row last week, the longest such streak since mid-2022. "The oil complex continues to digest ongoing signs of a U.S. economic cool-down." Earnings from U.S. companies could also provide clues for the Fed's policy path and the dollar's trajectory. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil steady as market awaits Chinese GDP data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Companies Vanda Pharmaceuticals Inc FollowSINGAPORE, April 17 (Reuters) - Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. "Crude prices have defaulted to tracking the daily mood in the broader financial markets" as fears over possible recession continue to cloud the horizon, she added. Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports. Rising costs for Middle Eastern crude supplies, which meet more than half of Asia's demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil steady as market awaits China GDP data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports. "Weaker refinery margins remain a feature, with the weakness predominantly driven by middle distillates. Stronger crude prices will not be helping margins for refiners either," ING analysts said in a note. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil holds above $80/bbl on OPEC+ cuts, traders eye China recovery
▼ + stars: | 2023-04-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices edged up on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. However, the IEA warned in its monthly report that the output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and a global economic recovery. Rising costs for Middle East crude supplies, which meet more than half of Asia's demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "(That) means some of the supportive tailwinds for crude oil demand from expectations of Fed rate cuts are starting to fade," he added.

☆ Oil holds above $80 per barrel on OPEC+ cuts, traders eye China recovery
▼ + stars: | 2023-04-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

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.

☆ Iraq, Kurds Reach Temporary Deal to Unblock Oil Flows After Dispute
▼ + stars: | 2023-04-04 | by ( Benoit Faucon | Ghassan Adnan | ) www.wsj.com time to read: 1 min

The facilities of an oil company in Erbil, in Iraqi Kurdistan. BAGHDAD—The central Iraqi government and Kurdish authorities struck a deal Tuesday to end a standoff over oil sales that had blocked nearly 500,000 barrels a day in exports and sent crude prices rising. Kurdish authorities said the deal would allow oil exports to begin flowing again through a pipeline from Iraqi Kurdistan to the Turkish port of Ceyhan, where crude often makes its way to Europe. Oil companies that had shut off production in recent days said they were planning to immediately restart operations.

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.

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