It is unclear how long the disruption might last and a protracted disruption might lead to some output loss, Amarpreet Singh, an energy analyst at Barclays, wrote a note. "However, a sustained recovery in flows might be contingent on a resetting of oil revenue sharing terms between the federal government and KRG, which might be a complicated process," Singh highlighted. Barclays also noted the recent volatility in oil markets was primarily driven by concerns about the implications of a broader slowdown and they do not see "material weakening in fundamental hard data yet." (Reporting by Rahul Paswan in Bengaluru; Editing by David Gregorio)
223 8780;;)) March 28 (Reuters) - Barclays on Tuesday warned that a
disruption in oil exports by the Kurdistan Regional Government
(KRG) through the year-end would imply a $3 upside to their $92
per barrel 2023 Brent crude price forecast and might lead to
some output loss.
Brent crude futures gained 27 cents to $78.39 a
barrel by 1458 GMT, while U.S. WTI crude futures were up
28 cents at $73.09, rising on the back of supply disruption
risks from Iraqi Kurdistan and hopes that turmoil in banking is
being contained. Iraq was forced to halt around 450,000 barrels per day (bpd)
of crude exports, or half a percent of global oil supply, from
the semi-autonomous Kurdistan region on Saturday through an
export pipeline that runs from its northern Kirkuk oil fields to
the Turkish port of Ceyhan.
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