Latest news with #Kurdistan
France 24
a day ago
- Politics
- France 24
Kurdish farmers return to mountains in peace as PKK tensions calm
"We've been coming here for a long time. Thirty years ago we used to come and go, but then we couldn't come. Now we just started to come again and to bring our animals as we want," said 57-year-old Selahattin Irinc, speaking Kurdish, while gently pressing his hand on a sheep's neck to keep it from moving during shearing. On July 11 a symbolic weapons destruction ceremony in Iraqi Kurdistan marked a major step in the transition of the Kurdistan Workers' Party (PKK) from armed insurgency to democratic politics -- part of a broader effort to end one of the region's longest-running conflicts. The PKK, listed as a terror group by Turkey and much of the international community, was formed in 1978 by Ankara University students, with the ultimate goal of achieving the Kurds' liberation. It took up arms in 1984. The conflict has caused 50,000 deaths among civilians and 2,000 among soldiers, according to Turkey's President Recep Tayyip Erdogan. Alongside with several other men and women, Irinc practices animal husbandry in the grassy highlands at the foot of the Cilo Mountains and its Resko peak, which stands as the second-highest in the country with an altitude of 4,137 meters (13,572 feet). A place of scenic beauty, with waterfalls, glacial lakes and trekking routes, Cilo has gradually opened its roads over the past few years to shepherds and tourists alike as the armed conflict with PKK died down on the backdrop of peace negotiations. But the picturesque mountains had long been the scene of heavy fighting between the Turkish army and PKK fighters who took advantage of the rough terrain to hide and strike. It left the Kurdish farmers often at odds with the army. "In the past we always had problems with the Turkish soldiers. They accused us of helping PKK fighters by feeding them things like milk and meat from our herd," another Kurdish livestock owner, who asked not to be named, told AFP, rejecting such claims. "Now it's calmer," he added. 'Last generation' Although the peace process brought more openness and ease to the region, tensions did not vanish overnight. Checkpoints remain present around the city of Hakkari, and also to the main access point to the trekking path leading to Cilo glacier, a major tourist attraction. "Life is quite good and it's very beautiful here. Tourists come and stay in the mountains for one or two days with their tents, food, water and so on," said farmer Mahir Irinc. But the mountains are a hard, demanding environment for those making a living in their imposing shadow, and the 37-year-old thinks his generation might be the last to do animal husbandry far away from the city. "I don't think a new generation will come after us. We will be happy if it does, but the young people nowadays don't want to raise animals, they just do whatever job is easier," he lamented. An open truck carrying more than a dozen Kurdish women made its way to another farm in the heart of the mountains, where sheep waited to be fed and milked. The livestock graze at the foot of the mountains for three to four months, while the weather is warm, before being brought back to the village. "We all work here. Mothers, sisters, our whole family. Normally I'm preparing for university, but today I was forced to come because my mother is sick," explained 22-year-old Hicran Denis. "I told my mother: don't do this anymore, because it's so tiring. But when you live in a village, livestock is the only work. There's nothing else," she said. © 2025 AFP
Economy ME
a day ago
- Business
- Economy ME
Crude oil prices drop 0.75 percent to $68.60 amid rising trade tensions, demand concerns
Oil prices declined on Tuesday amid rising concerns that the escalating trade conflict between major crude consumers, the U.S. and the European Union, could hinder fuel demand growth by stifling economic activity, which has negatively impacted investor sentiment. Brent crude futures saw a decrease of 52 cents, or 0.75 percent, settling at $68.69 a barrel by 03:25 GMT (currently trading above $68.60). Meanwhile, U.S. West Texas Intermediate crude was priced at $66.69 a barrel, down 51 cents, or 0.76 percent (currently trading above $65.35). Both benchmarks experienced a slight decline on Monday. The August WTI contract is set to expire on Tuesday, with the more actively traded September contract dropping 54 cents, or 0.82 percent, to $65.41 a barrel. Supply concerns eased Supply concerns have largely diminished, thanks to major producers ramping up output and the ceasefire established on June 24, which ended the hostilities between Israel and Iran. However, apprehensions regarding the global economy are growing amid shifts in U.S. trade policy. In a significant development, the Iraqi government has officially resumed crude oil exports from the Kurdistan Region after a halt lasting over two years. This move is anticipated to ease tensions between Baghdad and Erbil while enhancing national export volumes. Kurdistan aims to contribute 230,000 barrels per day (bpd) of crude to Iraq's market once exports are fully operational. The prospect of increased crude exports from Iraq may augment global oil supplies and exert downward pressure on WTI prices in the short term. Furthermore, the impending U.S. tariff deadline could also affect WTI prices. U.S. tariffs on EU imports are expected to take effect on August 1, raising trade anxieties that extend beyond the oil sector. Commerce Secretary Howard Lutnick expressed optimism about reaching an agreement with the EU, yet the ongoing tariff risks continue to limit crude's potential for price increases. Read more: Oil prices climb to $69.36 as new EU sanctions hit Russian oil supplies Support from a weaker dollar The European Union's measures regarding Russian crude supply may lend some support to oil prices. Last week, the EU approved the 18th package of sanctions against Russia due to its conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. This action followed U.S. President Donald Trump's threats to impose sanctions on buyers of Russian exports unless a peace deal is negotiated within 50 days. A weaker U.S. dollar has provided some support for crude prices, as buyers using alternative currencies are finding it relatively less expensive. The EU is also contemplating a wider array of counter-measures against the United States, as the chances of a favorable trade agreement with Washington continue to diminish, according to EU diplomats. The U.S. has threatened to implement a 30 percent tariff on EU imports come August 1 if no agreement is reached. Additionally, there are indications that the rising oil supply is beginning to saturate the market, as the Organization of the Petroleum Exporting Countries and their allies begin to unwind their output cuts. Data from the Joint Organizations Data Initiative (JODI) revealed that Saudi Arabia's crude oil exports in May surged to their highest level in three months.
Yahoo
2 days ago
- Business
- Yahoo
Crude Oil Prices Slip on Concerns of a Mounting Global Oil Supply Glut
August WTI crude oil (CLQ25) on Monday closed down -0.14 (-0.21%), and August RBOB gasoline (RBQ25) closed down -0.0215 (-1.00%). Crude oil and gasoline prices on Monday settled lower, with gasoline dropping to a 2-week low. The outlook for larger crude exports from Iraq may boost global oil supplies and is weighing on prices. Expectations for increased Iraqi crude exports may also prompt Saudi Arabia to boost its crude exports to maintain its market share, further exacerbating a global oil supply glut. Losses in crude were limited Monday due to a weaker dollar and the rally in the S&P 500 to a new all-time high, which shows confidence in the economic outlook that is bullish for energy demand. More News from Barchart Crude Oil Prices Pressured by Concerns of Oversupply Nat-Gas Prices Sink on the Outlook for Cooler US Temps and Higher Gas Production Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Weighing on crude is the outlook for Iraq to boost crude exports from its northern Kurdish region through the Iraq-Turkey pipeline, where oil exports have been halted since March 2023. The Iraqi government approved a plan for the semi-autonomous Kurdish region to resume oil exports. Kurdistan expects to supply Iraq's crude market with 230,000 bpd of crude once exports resume. Iraq is OPEC's second-biggest oil producer. Crude prices have carryover support from last Friday when the European Union approved fresh sanctions on Russian crude exports and its energy trade over its war in Ukraine. The sanctions package includes cutting off 20 more Russian banks from the international payments system SWIFT, as well as restrictions imposed on Russian petroleum refined in other countries. A large oil refinery in India, part-owned by Russia's Rosneft PJSC, was also blacklisted. Additionally, 105 more ships in Russia's shadow fleet were sanctioned, bringing the total number above 400 ships. Concern about a global oil glut is negative for crude prices. On July 5, OPEC+ agreed to raise its crude production by 548,000 barrels per day (bpd) beginning August 1, exceeding expectations of a 411,000 bpd increase. Saudi Arabia also stated that additional similar-sized increases in crude output could follow, which is viewed as a strategy to reduce oil prices and penalize overproducing OPEC+ members, such as Kazakhstan and Iraq. OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production by September 2026. On May 31, OPEC+ agreed to a 411,000 bpd increase in crude production for July, following the same 411,000 bpd hike for June. June crude production rose +360,000 bpd to a 1.5-year high of 28.10 million bpd. In a supportive factor for oil prices, Bloomberg reported on July 10 that OPEC+ is discussing a pause in further production increases from October, following its next monthly hike in September of 548,000 barrels. OPEC+ may be concerned about a slowdown in global oil demand in the second half of this year that could lead to a supply glut if the group keeps boosting production. The International Energy Agency said inventories have been accumulating at a rate of 1 million bpd and that the global crude oil market faces a surplus by Q4-2025 equivalent to 1.5% of global crude consumption. A decrease in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -14% w/w to 66.31 million bbl in the week ended July 18. Last Wednesday's weekly EIA report showed that US crude inventories in the week ended July 11 fell by -3.859 million bbls, the first draw in three weeks. Gasoline inventories rose +3.399 million bbls, and distillate inventories rose by +4.173 million bbls. The EIA report showed that (1) US crude oil inventories as of July 11 were -8.0% below the seasonal 5-year average, (2) gasoline inventories were -0.1% below the seasonal 5-year average, and (3) distillate inventories were -21.1% below the 5-year seasonal average. US crude oil production in the week ending July 11 fell -0.1% w/w to 13.375 million bpd, modestly below the record high of 13.631 million bpd posted in the week of 12/6/2024. Baker Hughes reported last Friday that the number of active US oil rigs in the week ending July 18 decreased by -2 rigs to a new 3.75-year low of 422 rigs. Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.25-year high of 627 rigs reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Yahoo
2 days ago
- Business
- Yahoo
Crude Oil Prices Pressured by Concerns of Oversupply
August WTI crude oil (CLQ25) today is down -0.27 (-0.40%), and August RBOB gasoline (RBQ25) is down -0.0194 (-0.90%). Crude oil and gasoline prices are under pressure today, with gasoline falling to a 2-week low. The outlook for larger crude exports from Iraq may boost global oil supplies and is weighing on prices. Expectations for increased Iraqi crude exports may also prompt Saudi Arabia to boost its crude exports in order to maintain its market share, further exacerbating a global oil supply glut. Losses in crude are limited due to a weaker dollar and today's rally in the S&P 500 to a new all-time high, which shows confidence in the economic outlook that is bullish for energy demand. More News from Barchart Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Weighing on crude is the outlook for Iraq to boost crude exports from its northern Kurdish region through the Iraq-Turkey pipeline, where oil exports have been halted since March 2023. The Iraqi government approved a plan for the semi-autonomous Kurdish region to resume oil exports. Kurdistan expects to supply Iraq's crude market with 230,000 bpd of crude once exports resume. Iraq is OPEC's second-biggest oil producer. Crude prices have carryover support from last Friday when the European Union approved fresh sanctions on Russian crude exports and its energy trade over its war in Ukraine. The sanctions package includes cutting off 20 more Russian banks from the international payments system SWIFT, as well as restrictions imposed on Russian petroleum refined in other countries. A large oil refinery in India, part-owned by Russia's Rosneft PJSC, was also blacklisted. Additionally, 105 more ships in Russia's shadow fleet were sanctioned, bringing the total number above 400 ships. Concern about a global oil glut is negative for crude prices. On July 5, OPEC+ agreed to raise its crude production by 548,000 barrels per day (bpd) beginning August 1, exceeding expectations of a 411,000 bpd increase. Saudi Arabia also stated that additional similar-sized increases in crude output could follow, which is viewed as a strategy to reduce oil prices and penalize overproducing OPEC+ members, such as Kazakhstan and Iraq. OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production by September 2026. On May 31, OPEC+ agreed to a 411,000 bpd increase in crude production for July, following the same 411,000 bpd hike for June. June crude production rose +360,000 bpd to a 1.5-year high of 28.10 million bpd. In a supportive factor for oil prices, Bloomberg reported on July 10 that OPEC+ is discussing a pause in further production increases from October, following its next monthly hike in September of 548,000 barrels. OPEC+ may be concerned about a slowdown in global oil demand in the second half of this year that could lead to a supply glut if the group keeps boosting production. The International Energy Agency said inventories have been accumulating at a rate of 1 million bpd and that the global crude oil market faces a surplus by Q4-2025 equivalent to 1.5% of global crude consumption. A decrease in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported today that crude oil stored on tankers that have been stationary for at least seven days fell by -14% w/w to 66.31 million bbl in the week ended July 18. Last Wednesday's weekly EIA report showed that US crude inventories in the week ended July 11 fell by -3.859 million bbls, the first draw in three weeks. Gasoline inventories rose +3.399 million bbls, and distillate inventories rose by +4.173 million bbls. The EIA report showed that (1) US crude oil inventories as of July 11 were -8.0% below the seasonal 5-year average, (2) gasoline inventories were -0.1% below the seasonal 5-year average, and (3) distillate inventories were -21.1% below the 5-year seasonal average. US crude oil production in the week ending July 11 fell -0.1% w/w to 13.375 million bpd, modestly below the record high of 13.631 million bpd posted in the week of 12/6/2024. Baker Hughes reported last Friday that the number of active US oil rigs in the week ending July 18 decreased by -2 rigs to a new 3.75-year low of 422 rigs. Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.25-year high of 627 rigs reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
ExxonMobil negotiating return to Iraq's oilfields
ExxonMobil is reportedly in negotiations with Iraq to make a comeback to the nation's oilfields, according to a report by ZAWYA, citing state officials. This development comes just a year after the company withdrew from one of Iraq's largest producing fields. In 2024, ExxonMobil ceased operations at the West Qurna 1 oilfield in southern Iraq, transferring its responsibilities to PetroChina, which now holds the primary stake. This field is among the world's most significant oil reservoirs, with more than 20 billion barrels (bbbl) of proven crude deposits and a production rate of nearly 550,000 barrels per day (bpd). The company's decision to exit the West Qurna 1 oilfield followed its earlier departure from the Pirman gas block in Kurdistan, north Iraq. Oil Ministry Undersecretary Bassim Khudair was quoted as saying: 'ExxonMobil has conveyed its willingness to return to Iraq.' He further elaborated that the company is exploring new opportunities within Iraq's oilfields, indicating a growing interest from the US and other international companies in the Iraqi oil industry. Concurrently, discussions are ongoing with Chevron for development contracts in the Southern Nasiriyah oilfield and the Balad field in the North-Central Saladin governorate. Iraq is actively seeking foreign investment in its oil sector as the country aims to increase its crude output capacity by 50% to more than six million barrels per day by 2028. With approximately 145bbbl of oil reserves, the country is aiming to increase its reserves to more than 160bbbl through various development projects. In the past two years, Iraq has awarded nearly 30 contracts to companies such as TotalEnergies, BP and various Chinese operators in its fifth and sixth oil licensing rounds, with plans for another round this year. Recently, US-based HKN was awarded a contract to develop the Hamrin oilfield in the Northern Saladin governorate, with the goal of more than doubling its production. This field had been severely impacted by ISIS during conflict a decade ago. In related news, the State Oil Company of Azerbaijan Republic has entered into new agreements with ExxonMobil and BP for oil and gas exploration, aiming to maintain Azerbaijan's oil output at around 582,000bpd for the next five years with the support of Western energy investments. "ExxonMobil negotiating return to Iraq's oilfields" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
