Iraq crisis remains to impact oil industry
Protection pressures urge they are currently back in full control of the 320,000 b/d Baiji refinery in Iraq after protracted clashes with militants who held parts of the plant this week, the continuous physical violence continues to effect oil markets.
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* ICE Brent futures broke through $115/b on Thursday and continued to be close to that nine-month high on Friday at $114.90/ b.
* The Indian government has actually asked the nation's refiners to prepare brief- and also medium-term backup plans and to expand crude import resources to lessen the influence of any kind of supply disturbance from Iraq.
* The head of Russia's Bashneft stated Friday that job was proceeding at its expedition block in southern Iraq in spite of the continuous violence in the country.
* The ministry of power of the Kurdistan Regional Government in northern Iraq has released a statement to refute a report by Bloomberg that the Kurdistan Regional Federal government was offering crude from the area at half market value and was conspiring with Turkey to start the break up of the Iraqi state.
* A third freight of Iraqi Kurdish crude has begun loading at the Turkish port of Ceyhan onto the Suezmax vessel, United Emblem, a Turkish port representative said Friday.
* The average rate of Venezuela's oil basket increased $2.18/ barrel to $100.23/ b for the week of June 16-20, the Oil and also Mining Ministry said Friday, pointing out problems regarding oil products as a result of the rise of the crisis in Iraq.
* A panel of specialists in the US late Thursday stated Iraq's oil field encountered a possibly grim future, not only with the recent violence, yet also with political disarray as well as discontentment among Western oil companies over agreement terms POLITICS.
* Chelating Agent Factory Supplier stated Friday that United States President Barack Obama did not have "major will" to deal with terrorism after an Iraqi allure for American air campaign went unanswered.
* Clashes with Sunni Muslim militants have actually eliminated 34 Iraqi security pressures in Al-Qaim, a town on the Syrian boundary, officials claimed Friday.
* Iraq's leading Shi'ite cleric Grand Ayatollah Ali al-Sistani stated Friday that Sunni jihadists who have overrun swathes of region must be removed from the nation before it is far too late.
* Sunni radicals have taken control of one of Saddam Hussein's previous chemical tools factories, an US authorities claimed.