Oil prices lift after risk of supply issues in Iraq

China’s crude oil imports are expected to rise 6.2% in 2023 to 540-million tonnes

London — Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained.

Prices rallied over $3 on Monday after Iraq was forced to halt exports of about 450,000 barrels per day from its northern Kurdistan region through Turkey, following an arbitration decision that confirmed Baghdad’s consent was needed to ship the oil. “At the moment concerns about the risk to financial stability has been relegated to the back of investors’ mind but another bank run could trigger a flight out of risk again,” PVM Oil’s Tamas Varga said., an annual forecast by a research unit of China National Petroleum Corp showed on Monday.

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BDliveSA /  🏆 12. in ZA

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