A Million Barrels Of Iraqi Oil Per Day Could Be Diverted By Protests

Recent violent protests in Iraq could lead to a million barrels a day of Iraqi oil being pulled from the market, RBC head of commodities Helima Croft said on Tuesday, warning that energy markets could be affected if protests continue to escalate . The protests began after Muqtada al-Sadr, a powerful Shiite leader in Iraq, announced he would retire from politics, prompting Sadr’s supporters to call for violence in the Iraqi capital, Reuters reported. It adds another incident of turmoil in the Middle East, where protests are also rocking Libya. These events have not yet had too much of an impact on oil prices, Croft said, but they could soon, particularly if the protests spread to production facilities. “We haven’t had any physical disruption of supply from Iraq yet,” Croft said in an interview with CNBC. “But we will be watching closely to see in the coming days: do we see protesters entering facilities? We’re looking at potentially a million barrels [a day] of Iraqi production offline?” A million bpd from Iraq being removed from the market would have a significant impact on the global supply situation, given that Iraq is OPEC’s second largest oil producer after Saudi Arabia. “Anything that would have an impact on Iraqi production would be very important to the market,” Croft added, though she did not specify what kind of impact on prices she would expect to see. However, the impact will likely be high as countries are still trying to build up energy reserves in time for winter. The European Union’s ban on Russian oil is expected to kick in in full by the end of the year, and Russia has hinted at a possible gas cut this winter. The key Nord Stream 1 pipeline will be shut down for three days from Wednesday, although observers fear it could be shut down indefinitely in retaliation for the sanctions.

title: “A Million Barrels Of Iraqi Oil Per Day Could Be Diverted By Protests Klmat” ShowToc: true date: “2022-10-31” author: “Mary Barry”

Recent violent protests in Iraq could lead to a million barrels a day of Iraqi oil being pulled from the market, RBC head of commodities Helima Croft said on Tuesday, warning that energy markets could be affected if protests continue to escalate . The protests began after Muqtada al-Sadr, a powerful Shiite leader in Iraq, announced he would retire from politics, prompting Sadr’s supporters to call for violence in the Iraqi capital, Reuters reported. It adds another incident of turmoil in the Middle East, where protests are also rocking Libya. These events have not yet had too much of an impact on oil prices, Croft said, but they could soon, particularly if the protests spread to production facilities. “We haven’t had any physical disruption of supply from Iraq yet,” Croft said in an interview with CNBC. “But we will be watching closely to see in the coming days: do we see protesters entering facilities? We’re looking at potentially a million barrels [a day] of Iraqi production offline?” A million bpd from Iraq being removed from the market would have a significant impact on the global supply situation, given that Iraq is OPEC’s second largest oil producer after Saudi Arabia. “Anything that would have an impact on Iraqi production would be very important to the market,” Croft added, though she did not specify what kind of impact on prices she would expect to see. However, the impact will likely be high as countries are still trying to build up energy reserves in time for winter. The European Union’s ban on Russian oil is expected to kick in in full by the end of the year, and Russia has hinted at a possible gas cut this winter. The key Nord Stream 1 pipeline will be shut down for three days from Wednesday, although observers fear it could be shut down indefinitely in retaliation for the sanctions.

title: “A Million Barrels Of Iraqi Oil Per Day Could Be Diverted By Protests Klmat” ShowToc: true date: “2022-12-10” author: “Seth Butterfield”

Recent violent protests in Iraq could lead to a million barrels a day of Iraqi oil being pulled from the market, RBC head of commodities Helima Croft said on Tuesday, warning that energy markets could be affected if protests continue to escalate . The protests began after Muqtada al-Sadr, a powerful Shiite leader in Iraq, announced he would retire from politics, prompting Sadr’s supporters to call for violence in the Iraqi capital, Reuters reported. It adds another incident of turmoil in the Middle East, where protests are also rocking Libya. These events have not yet had too much of an impact on oil prices, Croft said, but they could soon, particularly if the protests spread to production facilities. “We haven’t had any physical disruption of supply from Iraq yet,” Croft said in an interview with CNBC. “But we will be watching closely to see in the coming days: do we see protesters entering facilities? We’re looking at potentially a million barrels [a day] of Iraqi production offline?” A million bpd from Iraq being removed from the market would have a significant impact on the global supply situation, given that Iraq is OPEC’s second largest oil producer after Saudi Arabia. “Anything that would have an impact on Iraqi production would be very important to the market,” Croft added, though she did not specify what kind of impact on prices she would expect to see. However, the impact will likely be high as countries are still trying to build up energy reserves in time for winter. The European Union’s ban on Russian oil is expected to kick in in full by the end of the year, and Russia has hinted at a possible gas cut this winter. The key Nord Stream 1 pipeline will be shut down for three days from Wednesday, although observers fear it could be shut down indefinitely in retaliation for the sanctions.

title: “A Million Barrels Of Iraqi Oil Per Day Could Be Diverted By Protests Klmat” ShowToc: true date: “2022-11-09” author: “Marie Garcia”

Recent violent protests in Iraq could lead to a million barrels a day of Iraqi oil being pulled from the market, RBC head of commodities Helima Croft said on Tuesday, warning that energy markets could be affected if protests continue to escalate . The protests began after Muqtada al-Sadr, a powerful Shiite leader in Iraq, announced he would retire from politics, prompting Sadr’s supporters to call for violence in the Iraqi capital, Reuters reported. It adds another incident of turmoil in the Middle East, where protests are also rocking Libya. These events have not yet had too much of an impact on oil prices, Croft said, but they could soon, particularly if the protests spread to production facilities. “We haven’t had any physical disruption of supply from Iraq yet,” Croft said in an interview with CNBC. “But we will be watching closely to see in the coming days: do we see protesters entering facilities? We’re looking at potentially a million barrels [a day] of Iraqi production offline?” A million bpd from Iraq being removed from the market would have a significant impact on the global supply situation, given that Iraq is OPEC’s second largest oil producer after Saudi Arabia. “Anything that would have an impact on Iraqi production would be very important to the market,” Croft added, though she did not specify what kind of impact on prices she would expect to see. However, the impact will likely be high as countries are still trying to build up energy reserves in time for winter. The European Union’s ban on Russian oil is expected to kick in in full by the end of the year, and Russia has hinted at a possible gas cut this winter. The key Nord Stream 1 pipeline will be shut down for three days from Wednesday, although observers fear it could be shut down indefinitely in retaliation for the sanctions.