Murtadha Al Sudani | Anadolu Agency | Getty Images Political unrest in Iraq could pose a major risk to global oil markets, analysts told CNBC. “While Iraqi production is usually quite resilient to unrest, the current political environment is extremely toxic and poses a significant risk to the oil sector,” said Fernando Ferreira, director of Rapidan Energy Group. Those concerns come after protests escalated in Iraq on Tuesday after powerful Shiite Muslim cleric Muqtada al-Sadr announced his resignation from politics.
Recurring risk
While risks of oil disruptions have receded after Sadr called for calm, Ferreira warned that the power struggle between Shiite factions in the country was far from resolved and that civil unrest in Iraq would remain a recurring risk for oil markets. . “Prices could rise by $5-10 on the disruptions in Iraq, possibly more as low liquidity leads to larger swings than usual,” he predicted. In a global oil market already pressured by low oil inventories and key OPEC members failing to meet quota commitments, slippages in Iraqi oil production could be significant, said Timothy France, senior market analyst oil to Refinitiv. “Even a partial reduction in Iraq’s oil production and exports could have a significant upward impact on benchmark crude prices in Asia and Europe,” France said. According to OPEC, global demand for oil is estimated to average 100.8 million barrels per day in 2022. Iraq produces about 4.5 thousand barrels of oil per day, and current export volumes account for about 3.5% of of global demand, according to data from Refinitiv. “The unrest we’ve seen in recent days has been mainly focused on Baghdad and southern Iraq, which exports 3.3 to 3.4 thousand barrels of oil a day — just over 3% of the global market,” France added.
China and India
Natural oil supplies to the Chinese and Indian markets will be strongly affected by a reduction in Iraqi crude oil exports, France told CNBC in an email. The Al-Gharraf oil field in Iraq’s southern Di Qar Governorate on August 24, 2022. In a global oil market already under pressure from low oil inventories and key OPEC members not meeting quota commitments, slippages in Iraqi oil production may be significant. said Timothy France, senior oil market analyst at Refinitiv. Asaad Niazi | Afp | Getty Images “China and India are the top importers of Iraqi crude, estimated to receive 797,000 bpd and 817,000 bpd in August,” France said. Ferreira added that the growing unrest could also bring more attention to OPEC+’s decision-making processes. The group, whose members include OPEC, Russia and allied producers, is due to meet on September 5. “[The unrest may] encourages ministers to postpone adjustments to production quotas until there is greater clarity on the direction of geopolitical risks threatening the oil market,” he said.
No major disruptions yet
Despite the warning data, both analysts said there were no major disruptions to Iraq’s oil production yet. “Iraq’s crude oil exports averaged 3.53 million barrels per day. Weekly export figures show no signs of slowing,” France said. “The tankers are right now [still] loading at the Basrah oil terminal.” “Refinitiv’s historical export data shows no significant export disruptions at the Basrah oil terminal dating back to 2014. During that time Iraq has arguably suffered more serious security threats than it does today.”
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title: “Iraq S Political Turmoil Poses A Risk To Oil Markets Analysts Say Klmat” ShowToc: true date: “2022-11-13” author: “Dawn Clemments”
Murtadha Al Sudani | Anadolu Agency | Getty Images Political unrest in Iraq could pose a major risk to global oil markets, analysts told CNBC. “While Iraqi production is usually quite resilient to unrest, the current political environment is extremely toxic and poses a significant risk to the oil sector,” said Fernando Ferreira, director of Rapidan Energy Group. Those concerns come after protests escalated in Iraq on Tuesday after powerful Shiite Muslim cleric Muqtada al-Sadr announced his resignation from politics.
Recurring risk
While risks of oil disruptions have receded after Sadr called for calm, Ferreira warned that the power struggle between Shiite factions in the country was far from resolved and that civil unrest in Iraq would remain a recurring risk for oil markets. . “Prices could rise by $5-10 on the disruptions in Iraq, possibly more as low liquidity leads to larger swings than usual,” he predicted. In a global oil market already pressured by low oil inventories and key OPEC members failing to meet quota commitments, slippages in Iraqi oil production could be significant, said Timothy France, senior market analyst oil to Refinitiv. “Even a partial reduction in Iraq’s oil production and exports could have a significant upward impact on benchmark crude prices in Asia and Europe,” France said. According to OPEC, global demand for oil is estimated to average 100.8 million barrels per day in 2022. Iraq produces about 4.5 thousand barrels of oil per day, and current export volumes account for about 3.5% of of global demand, according to data from Refinitiv. “The unrest we’ve seen in recent days has been mainly focused on Baghdad and southern Iraq, which exports 3.3 to 3.4 thousand barrels of oil a day — just over 3% of the global market,” France added.
China and India
Natural oil supplies to the Chinese and Indian markets will be strongly affected by a reduction in Iraqi crude oil exports, France told CNBC in an email. The Al-Gharraf oil field in Iraq’s southern Di Qar Governorate on August 24, 2022. In a global oil market already under pressure from low oil inventories and key OPEC members not meeting quota commitments, slippages in Iraqi oil production may be significant. said Timothy France, senior oil market analyst at Refinitiv. Asaad Niazi | Afp | Getty Images “China and India are the top importers of Iraqi crude, estimated to receive 797,000 bpd and 817,000 bpd in August,” France said. Ferreira added that the growing unrest could also bring more attention to OPEC+’s decision-making processes. The group, whose members include OPEC, Russia and allied producers, is due to meet on September 5. “[The unrest may] encourages ministers to postpone adjustments to production quotas until there is greater clarity on the direction of geopolitical risks threatening the oil market,” he said.
No major disruptions yet
Despite the warning data, both analysts said there were no major disruptions to Iraq’s oil production yet. “Iraq’s crude oil exports averaged 3.53 million barrels per day. Weekly export figures show no signs of slowing,” France said. “The tankers are right now [still] loading at the Basrah oil terminal.” “Refinitiv’s historical export data shows no significant export disruptions at the Basrah oil terminal dating back to 2014. During that time Iraq has arguably suffered more serious security threats than it does today.”
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title: “Iraq S Political Turmoil Poses A Risk To Oil Markets Analysts Say Klmat” ShowToc: true date: “2022-10-30” author: “Jennifer Youngblood”
Murtadha Al Sudani | Anadolu Agency | Getty Images Political unrest in Iraq could pose a major risk to global oil markets, analysts told CNBC. “While Iraqi production is usually quite resilient to unrest, the current political environment is extremely toxic and poses a significant risk to the oil sector,” said Fernando Ferreira, director of Rapidan Energy Group. Those concerns come after protests escalated in Iraq on Tuesday after powerful Shiite Muslim cleric Muqtada al-Sadr announced his resignation from politics.
Recurring risk
While risks of oil disruptions have receded after Sadr called for calm, Ferreira warned that the power struggle between Shiite factions in the country was far from resolved and that civil unrest in Iraq would remain a recurring risk for oil markets. . “Prices could rise by $5-10 on the disruptions in Iraq, possibly more as low liquidity leads to larger swings than usual,” he predicted. In a global oil market already pressured by low oil inventories and key OPEC members failing to meet quota commitments, slippages in Iraqi oil production could be significant, said Timothy France, senior market analyst oil to Refinitiv. “Even a partial reduction in Iraq’s oil production and exports could have a significant upward impact on benchmark crude prices in Asia and Europe,” France said. According to OPEC, global demand for oil is estimated to average 100.8 million barrels per day in 2022. Iraq produces about 4.5 thousand barrels of oil per day, and current export volumes account for about 3.5% of of global demand, according to data from Refinitiv. “The unrest we’ve seen in recent days has been mainly focused on Baghdad and southern Iraq, which exports 3.3 to 3.4 thousand barrels of oil a day — just over 3% of the global market,” France added.
China and India
Natural oil supplies to the Chinese and Indian markets will be strongly affected by a reduction in Iraqi crude oil exports, France told CNBC in an email. The Al-Gharraf oil field in Iraq’s southern Di Qar Governorate on August 24, 2022. In a global oil market already under pressure from low oil inventories and key OPEC members not meeting quota commitments, slippages in Iraqi oil production may be significant. said Timothy France, senior oil market analyst at Refinitiv. Asaad Niazi | Afp | Getty Images “China and India are the top importers of Iraqi crude, estimated to receive 797,000 bpd and 817,000 bpd in August,” France said. Ferreira added that the growing unrest could also bring more attention to OPEC+’s decision-making processes. The group, whose members include OPEC, Russia and allied producers, is due to meet on September 5. “[The unrest may] encourages ministers to postpone adjustments to production quotas until there is greater clarity on the direction of geopolitical risks threatening the oil market,” he said.
No major disruptions yet
Despite the warning data, both analysts said there were no major disruptions to Iraq’s oil production yet. “Iraq’s crude oil exports averaged 3.53 million barrels per day. Weekly export figures show no signs of slowing,” France said. “The tankers are right now [still] loading at the Basrah oil terminal.” “Refinitiv’s historical export data shows no significant export disruptions at the Basrah oil terminal dating back to 2014. During that time Iraq has arguably suffered more serious security threats than it does today.”
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title: “Iraq S Political Turmoil Poses A Risk To Oil Markets Analysts Say Klmat” ShowToc: true date: “2022-11-19” author: “Ryan Miller”
Murtadha Al Sudani | Anadolu Agency | Getty Images Political unrest in Iraq could pose a major risk to global oil markets, analysts told CNBC. “While Iraqi production is usually quite resilient to unrest, the current political environment is extremely toxic and poses a significant risk to the oil sector,” said Fernando Ferreira, director of Rapidan Energy Group. Those concerns come after protests escalated in Iraq on Tuesday after powerful Shiite Muslim cleric Muqtada al-Sadr announced his resignation from politics.
Recurring risk
While risks of oil disruptions have receded after Sadr called for calm, Ferreira warned that the power struggle between Shiite factions in the country was far from resolved and that civil unrest in Iraq would remain a recurring risk for oil markets. . “Prices could rise by $5-10 on the disruptions in Iraq, possibly more as low liquidity leads to larger swings than usual,” he predicted. In a global oil market already pressured by low oil inventories and key OPEC members failing to meet quota commitments, slippages in Iraqi oil production could be significant, said Timothy France, senior market analyst oil to Refinitiv. “Even a partial reduction in Iraq’s oil production and exports could have a significant upward impact on benchmark crude prices in Asia and Europe,” France said. According to OPEC, global demand for oil is estimated to average 100.8 million barrels per day in 2022. Iraq produces about 4.5 thousand barrels of oil per day, and current export volumes account for about 3.5% of of global demand, according to data from Refinitiv. “The unrest we’ve seen in recent days has been mainly focused on Baghdad and southern Iraq, which exports 3.3 to 3.4 thousand barrels of oil a day — just over 3% of the global market,” France added.
China and India
Natural oil supplies to the Chinese and Indian markets will be strongly affected by a reduction in Iraqi crude oil exports, France told CNBC in an email. The Al-Gharraf oil field in Iraq’s southern Di Qar Governorate on August 24, 2022. In a global oil market already under pressure from low oil inventories and key OPEC members not meeting quota commitments, slippages in Iraqi oil production may be significant. said Timothy France, senior oil market analyst at Refinitiv. Asaad Niazi | Afp | Getty Images “China and India are the top importers of Iraqi crude, estimated to receive 797,000 bpd and 817,000 bpd in August,” France said. Ferreira added that the growing unrest could also bring more attention to OPEC+’s decision-making processes. The group, whose members include OPEC, Russia and allied producers, is due to meet on September 5. “[The unrest may] encourages ministers to postpone adjustments to production quotas until there is greater clarity on the direction of geopolitical risks threatening the oil market,” he said.
No major disruptions yet
Despite the warning data, both analysts said there were no major disruptions to Iraq’s oil production yet. “Iraq’s crude oil exports averaged 3.53 million barrels per day. Weekly export figures show no signs of slowing,” France said. “The tankers are right now [still] loading at the Basrah oil terminal.” “Refinitiv’s historical export data shows no significant export disruptions at the Basrah oil terminal dating back to 2014. During that time Iraq has arguably suffered more serious security threats than it does today.”
