Stay updated with breaking news from Repi Opec. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/DAIF5QPG6RMC5GCPUYS4YFKIKM.jpg)
Iraq's federal government and the Kurdistan Regional Government (KRG) signed a deal to restart northern oil exports through Turkey on Tuesday, official sources told Reuters.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/IQLF67UIAVP5REYFMBWZF3LAJA.jpg)
Saudi Arabia and other OPEC+ oil producers announced over the weekend they would launch deep oil production cuts starting next month, a surprise move that sent oil prices surging.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/IAFOJ3EZ4FMKFNCSNUN2HHRHBQ.jpg)
Brent oil prices could still end the year at $96 per barrel, J.P. Morgan analysts said, adding they view the surprise OPEC supply target cuts as a "preemptive measure" to assure that surpluses in the market do not extend into the second half of 2023.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/PMYZAUGQRRMBDEHT35LJPX66AU.jpg)
Top oil exporter Saudi Arabia may raise crude prices for Asia in May after OPEC+ announced additional production cuts to shore up the market just as China's demand is expected to increase in the second quarter as refineries finish maintenance.
Investors had started to pair back short positions in petroleum even before Saudi Arabia and its OPEC+ allies surprised the market by announcing production cuts totalling more than 1 million barrels per day.