Oil prices rise by $1 following drone strikes on oilfields in Iraq
Brent crude futures finished at $69.52 per barrel, up $1.00, or 1.46 percent. US West Texas Intermediate crude futures closed at $67.54 a barrel, up $1.16, or 1.75 percent, according to Reuters.
Oil output in Iraqi Kurdistan has been reduced by 140,000 to 150,000 barrels per day, according to officials in the oil sector, or more than half of the semi-autonomous region's usual output of roughly 280,000 barrels per day.
On Thursday, a drone hit the Tawke oil field in Iraqi Kurdistan, which is operated by the Norwegian company DNO, for the second day in a row.
On Wednesday, bomb-laden drones struck oilfields in the Iraqi semi-autonomous region, forcing two oilfields run by Norway's DNO to suspend operations.
DNO, which manages the Tawke and Peshkabir oilfields in the Zakho area bordering Turkey, said it had temporarily halted production at the fields following explosions that left no one injured, according to Reuters.
On Tuesday, a drone assault interrupted operations at the Sarsang oilfield in the Kurdistan region of Iraq, a few hours before its US operator, HKN, inked an agreement for the development of another oilfield in the country.
The Joint Operations Command in Iraq revealed that the Khurmala oil field in the northern Iraqi province of Erbil was targeted on Monday with two drones.
The attack on the Khurmala oil field that took place at 8:30 pm caused material damage with no casualties reported.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
3 hours ago
- Shafaq News
Oil prices rise on trade deals
Shafaq News Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand. Brent crude futures inched up 20 cents, or 0.29%, to $68.64 a barrel by 0336 GMT, while U.S. West Texas Intermediate crude stood at $65.31 a barrel, up 15 cents, or 0.23%. The US-European Union trade deal and a possible extension in the US-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. 'With the risk of a prolonged trade war and the importance of the August tariff deadlines being steadily defused, markets have responded positively,' he added in a note. Sunday's US-EU framework trade pact sets an import tariff of 15% on most EU goods, half the threatened rate. The deal averted a bigger trade war between two allies that account for almost one-third of global trade and could crimp fuel demand. Also set for Monday is a meeting in Stockholm of senior US and Chinese negotiators aiming to extend before an August 12 deadline a truce holding off sharply higher tariffs. Oil prices settled on Friday at their lowest in three weeks weighed down by global trade concerns and expectations of more oil supply from Venezuela. State-run oil company PDVSA is readying to resume work at its joint ventures under terms similar to Biden-era licenses, once U.S. President Donald Trump reinstates authorisations for its partners to operate and export oil under swaps, company sources said. Though prices were up slightly on Monday, gains were limited by the prospect of OPEC+ further easing supply curbs. A market monitoring panel of the Organization of the Petroleum Exporting Countries and their allies is set to meet at 1200 GMT on Monday. It is unlikely to recommend altering existing plans by eight members to raise oil output by 548,000 barrels per day in August, four OPEC+ delegates said last week, though another source said it was too early to say. ING expects OPEC+ will at least complete the full return of 2.2 million barrels per day of the additional voluntary supply cuts by the end of September. That would work out to a supply hike in September of at least 280,000 barrels per day. However, there is clearly room for a more aggressive hike. The producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. JP Morgan analysts said global oil demand rose by 600,000 bpd in July on year, while global oil stocks rose 1.6 million bpd. In the Middle East, Yemen's Houthis said on Sunday they would target ships of companies that do business with Israeli ports, regardless of nationality, in what they called a fourth phase of military operations against Israel over the Gaza conflict.
Iraq Business
7 hours ago
- Iraq Business
Iraq to produce 12GW of Solar Power by 2030
By John Lee. The Iraqi Oil Ministry's Undersecretary for Distribution Affairs, Ali Maarij, has said that Iraq aims to incorporate 12 Gigawatts (GW) of solar power into its energy mix by 2030, alongside intensified efforts to capture natural gas and reduce flaring. He made the comments at a ceremony to launch a major new report from the International Renewable Energy Agency (IRENA) on the status and outlook of Iraq's energy transition. Maarij described the report as the result of close cooperation between the Iraqi government-represented by the Ministries of Oil and Electricity-and IRENA. He noted that it offers a comprehensive assessment of Iraq's current energy landscape, highlighting both the challenges and opportunities along the path to cleaner energy. For more details on the report click here. (Source: Ministry of Oil)
Iraqi News
12 hours ago
- Iraqi News
France's Sanofi helps Iraq develop pharmaceutical industry
Baghdad ( – The Iraqi Ministry of Health mentioned on Sunday that the agreement with Sanofi, a French pharmaceutical and healthcare company, represents an essential step toward strengthening Iraq's pharmaceutical industry. During his participation in a scientific workshop on biosimilar medicines and intellectual property, Deputy Health Minister Hani al-Oqabi explained that the agreement reached with Sanofi is not limited to the pharmaceutical industry but includes other important areas, according to the state-run news agency (INA). Iraqi Prime Minister Mohammed Shia al-Sudani has lately been focusing on developing collaboration with international enterprises and seeking investments to build industries in Iraq, according to al-Oqabi. The prime minister's advisor on industry and private sector development, Hammoudi al-Lami, revealed earlier that AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology company based in Cambridge, is thinking of building a pharmaceutical facility in Iraq. In a statement to the Iraqi News Agency (INA), al-Lami explained that Arab and foreign companies are eager to set up businesses in the Iraqi market. The Iraqi official indicated that the US multinational healthcare company Baxter, as well as businesses in the Gulf States, had also expressed a desire to become part of the Iraqi market. The Iraqi Ministry of Health revealed in late April that it signed an agreement with European companies to establish an insulin production plant in the northern Iraqi province of Nineveh. According to INA, the agreement was signed with a Polish firm, one of the top four producers of insulin worldwide, and a German corporation. The idea to produce insulin in Iraq that meets all European requirements was sparked by the Iraqi government's support for pharmaceutical and health industry initiatives. The steps align with the objectives outlined in the Iraqi government's agenda, which emphasizes the development of the country's health sector.
