Oil Prices Decline Amid Kurdistan Export Prospects
Oil prices experienced a decrease on the first trading day of the week, influenced by the potential resumption of oil exports from the Kurdistan Region. Traders in the oil market are also closely monitoring developments regarding negotiations aimed at resolving the ongoing conflict in Ukraine.
As of this morning, Brent crude oil decreased by 20 cents to $74.23 per barrel, while West Texas Intermediate (WTI) crude dipped 28 cents to $70.12 per barrel.
In the previous market session, oil prices had already seen a decline of $2.
The Iraqi Oil Ministry announced that it plans to export approximately 185,000 barrels of oil daily from the Kurdistan Region’s oil fields upon the resumption of operations. The Ministry further stated that all necessary measures concerning the export process via the Iraqi-Turkey oil pipeline have been successfully completed.
In related geopolitical developments, discussions surrounding the end of the Ukraine war have gained urgency as the conflict approaches its third anniversary. European officials are scheduled to convene at a high level next month to consider further support for Ukraine.
The possibility of a resolution to the Ukraine conflict could facilitate the re-entry of Russian oil into global markets, which is likely to exert additional downward pressure on oil prices.
