It is International Ninja Day, and oil is stealthily climbing higher to another daily gain. As OPEC optimism abounds, prices push higher for a fourth consecutive day to start the new week. Hark, here are five things to consider in oil markets today.
1) While the majority of Iraqi crude exports leave from the south of the country through Basrah, production in Northern Iraq has ramped up significantly in recent years, with higher volumes traversing through the Kirkuk-Ceyhan pipeline. The 600-mile pipeline takes crude to the port of Ceyhan, before the light sour grade is loaded onto tankers and predominantly sent into Europe.
Kurdistan’s regional natural resources minister has said that it sees no major impact on its crude oil production from the OPEC production cut decision. The commitment to cut production has come from the Iraqi government in Baghdad, hence cuts are expected to come from the south of the…
View original post 348 more words