Iraq Events Stirring Up Global Oil Market: An In-depth Analysis, 14 NOV

Iraq Events Stirring Up Global Oil Market: An In-depth Analysis

In a pulsating sequence of events in Kirkuk, a confrontation with the Counter-Terrorism Service (CTS) resulted in the elimination of three ISIS terrorists. In parallel to the violent encounter, Masoud Barzani, former President of Iraqi Kurdistan, commemorated the 239th anniversary of the establishment of al-Sulaymaniyah.

Water Scarcity and Saudi Loan

In the backdrop of these events, the Governor of Erbil implored Al-Sudani, the Minister of Finance, to greenlight a Saudi loan. This financial aid is seen as a crucial step towards combating the crippling water scarcity problem that has been plaguing the region.

Turkish Airstrikes and PKK

Meanwhile, the geopolitical tension in the region escalated as Turkish airstrikes targeted Kurdistan Workers’ Party (PKK) militants in Sinjar and Amedi, creating a ripple of concern in the international community.

Fluctuating Oil Prices

Amidst the chaos and conflict, the global crude oil market reacted. The prices of both Basra Heavy and intermediate crude oils underwent noticeable shifts. Influenced by the global oil price increase, Basra Heavy crude took a minor hit, dropping by 0.25 dollars to 78.98 dollars. In contrast, Basra intermediate crude saw an increase by 0.25 dollars, settling at 81.73 dollars. This surge in global oil prices is a direct consequence of a report by OPEC, which emphasized strong market fundamentals.

In this report, OPEC pointed fingers at speculators for a recent drop in oil prices, while also projecting a slight increase in the 2023 forecast for global oil demand. Adding another layer to the complex narrative, discussions are underway in Iraq to resume oil flows from an oil pipeline, further intensifying the global oil market dynamics. As a result, robust global growth trends and healthy oil market fundamentals are standing strong against exaggerated negative sentiments. This aligns with the OPEC’s perspective on the global oil market, offering a glimmer of optimism amidst a sea of concern.

https://bnn.network/politics/iraq-events-stirring-up-global-oil-market-an-in-depth-analysis/