Iraq Oil Minister says they have decided to continue producing crude oil at 1.4mln bbls per day, via State News Agency
Newsquawk Staff ·
- Export operations have stopped in the south, and we are looking for possible alternatives for exporting crude oil.
- An agreement has been signed regarding oil exports via the Ceyhan pipeline.
What it means
The Iraq Oil Minister's decision to maintain crude oil production at 1.4 million barrels per day amidst halted export operations in the south highlights potential supply disruptions. The move to explore alternatives, including an agreement for exports via the Ceyhan pipeline, could influence global oil prices by affecting the reliability of Iraqi supply and encouraging market speculation on other producers' roles. Watch for reactions in WTI and Brent as this situation evolves.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
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- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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