Oil near 26-month highs as Turkey threatens to cut exports from Iraq
London — Brent oil prices hovered near 26-month highs, supported by Turkey’s threat to cut crude exports from Iraq’s Kurdistan region as well as signs that market re-balancing is accelerating. On Monday, Turkish President Tayyip Erdogan threatened to cut off the pipeline that carries 500,000 to 600,000 barrels of crude a day from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum. The loss of this supply, combined with the 1.8-million barrels per day (bpd) of supply cuts by oil cartel Opec and non-Opec producers, has raised concerns of tighter supply. The Iraqi government said it will not hold talks with the Kurdistan regional government about the results of the referendum, which is expected to show a comfortable majority in favour of independence after the results are announced later this week. "Although there was plenty of price-bullish news making headlines yesterday, undoubtedly the biggest factor ...
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