Oil market skyrocketed on supply disruptions; China optimism
Crude oil exports from Iraq face blockage after Turkey halted the operations at the pipeline that carries 450,000 barrels/day from Iraq’s Kirkuk oil fields to the Turkish port of Ceyhan
Crude oil exports from Iraq face blockage after Turkey halted the operations at the pipeline that carries 450,000 barrels/day from Iraq’s Kirkuk oil fields to the Turkish port of Ceyhan in reciprocation to loosing of an arbitration case.
John Kilduff partner at Again Capital LLC said, “It’s the production that we really can’t afford to lose.”
On Monday, 27 March 2023, Brent crude futures concluded $3.13 higher or 4.2% at $78.12 per barrel. WTI crude listed for a gain of $3.55 or 5.1% at $72.81.
On the demand side, China’s crude oil imports are projected to rise even higher this year to 6.2% based on forecasts by the China National Petroleum Corp.