Along with awarding developmental rights for 11 oil and gas fields, Iraq will award service contracts in mid-April to develop the fields along Iraq’s borders with Kuwait and Iran, said the Iraqi oil ministry’s director-general for upstream oil contracts. WTI Crude is $64.91; Brent is $69.34 this morning.
The International Energy Agency (IEA) said this month that global oil demand would increase by 6.9 million bpd by 2023 to 104.7 million bpd, boosted by growth in Asia and a resurgent U.S. petrochemicals industry. WTI Crude is $64.45; Brent is $69.38 this morning.
At an energy conference in Baghdad, OPEC Secretary General Barkindo said that he is looking for long-term cooperation between OPEC and non-OPEC oil producing countries. WTI Crude is $64.79; Brent is $68.87
Oil prices have risen by more than 7 percent so far this month and by 5.3 percent in the first three months of the year, putting it on track for a third consecutive quarterly gain - something the market has not witnessed since late 2010. WTI Crude is $65.78; Brent is $70.32 this morning.
Growing geopolitical concerns about the U.S. leaving the Iran deal lifted oil prices back towards $70 per barrel. Supply growth in the U.S. could hit 2 million bpd over the summer months, analysts say. WTI Crude is $65.73; Brent is $70.38 this morning.
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