Brent oil prices hovered near 26-month highs on Tuesday, supported by Turkey’s threat to cut crude exports from Iraq’s Kurdistan region and signs of quicker market rebalancing. Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum.
This potential loss, combined with 1.8 million bpd of output reductions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, raised concerns of tighter supply.
The Iraqi government said it will not hold talks with the Kurdistan Regional Government about the results of the referendum, which is expected to show a comfortable majority in favour of independence after the results are announced later this week. Read More…
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