- Oil rises for a third consecutive day amid Iraqi Kurdistan supply dispute
- May ’23 WTI gained 98c this morning to trade around $74.18/Bbl
- Iraq’s semi-autonomous northern Kurdistan region halted exporting 0.40 MMBbl/d via Turkey since Saturday due to an arbitration ruling needing Iraq's approval for oil shipment
- In addition, easing concerns about a global banking crisis helped to boost risk sentiment in markets
- Equities are higher and the U.S. dollar remains relatively unchanged
- U.S. urges Iraq and Turkey to resume Kurdish oil exports amid the Iraq-Kurdistan dispute (BBG)
- “We’ve urged the governments of Turkey and Iraq to resume the flow of oil through the Iraq-Turkey pipeline,” said U.S. National Security Council spokesman John Kirby on Tuesday
- Last week's ruling by the International Chamber of Commerce supported Baghdad's long-standing claim that Turkey shouldn't let the shipment of Kurdish oil from Ceyhan without the consent of Iraq’s federal government
- Following the decision, Turkey shut a pipeline running from northern Iraq to Ceyhan
- This week, the Kurdish authorities are set to have discussions with Iraq's Federal Ministry of Oil regarding the resumption of oil supply, which can only be done through Iraq's state oil company as per the recent ruling