- Oil extends weekly gains amid Kurdistan oil export halts
- May ’23 WTI gains $1.42 this morning to trade around $70.68/Bbl
- Equities and futures rose slightly after news of First Citizens Bank acquiring part of SVB's assets, slightly easing concerns about the banking sector
- Kurdistan’s 0.4 MMBbl/d oil exports remain shut-In as talks with Iraq fail
- Exports were suspended after Iraq won a long-running case against Turkey, which required Turkey to now pay $1.5 billion to Iraq
- NATO authorities criticized Russia's decision to announce the placement of nuclear weapons in Belarus on Saturday
- Iraqi officials fail to agree on restarting oil exports from Turkey (BBG)
- Kurdistan's crude exports (nearly 0.4 MMBbl/d) from Ceyhan port remain halted for a fourth day as talks between the northern Iraqi region and Baghdad failed to resolve the issue
- Iraqi and Kurdish officials met on Sunday in Baghdad and didn’t achieve a breakthrough on restarting flows, according to two people familiar with the matter
- In a long-running dispute that began in 2014, the International Chamber of Commerce ruled in favor of Iraq
- At the time, Iraq claimed that Turkey had broken a joint agreement by permitting the Kurdistan Regional Government to export oil to the Turkish port of Ceyhan
- Putin announces Russia will station nuclear weapons in Belarus (Reuters)
- In reaction to NATO's military backing of Ukraine, Russian President Vladimir Putin announced on Saturday that he will station nuclear weapons in Belarus
- Putin said that the placement of the weapons would not go against the nuclear non-proliferation treaties
- NATO criticized Russia for deploying the weapons on Sunday, with spokesperson Oana Lungescu saying that " Russia has consistently broken its arm control commitments"