Oil starts 2020 higher on trade optimism, Mideast tensions GlobeBusiness
The U.S. military carried out air strikes against Iran-backed Katib Hezbollah militia group over the weekend. Angry at the air strikes, protesters stormed the U.S. Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops.“We do not see a threat to Iraq’s crude supply at the moment, other than a small wind down over the first few months of 2020 in line with its OPEC cut agreements,” consultancy JBC Energy said.
Oil was also boosted by optimism that trade talks between the world’s two largest economies will support demand. “We may need to see that economic optimism turn into better data before we see more substantial gains,” analysts at OANDA said. The group agreed to cut output by a further 500,000 barrels per day from Jan. 1, on top of their previous cut of 1.2 million bpd.The cuts come as Russia reported record high 2019 oil and gas condensate production of 11.25 million bpd, beating the previous record of 11.16 million bpd set a year earlier, Energy Ministry data showed on Thursday.
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