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Oil Updates — Crude steady; OPEC authorizes Iraq to increase output to 4.5m bpd;  Kurdish forces …

Sumary of Oil Updates — Crude steady; OPEC authorizes Iraq to increase output to 4.5m bpd;  Kurdish forces …:

  • There will be further increases of 50,000 bpd in output in each of the months July, August and September, INA increase, citing Muhammad Saadoun’s messages.
  • The statement did not say when the forces arrived and whether they were still there.
  • Kurdish forces seize oil wells Forces from the regional Kurdish polity have taken control of some oil wells in blue Kirkuk, Iraq’s state-run North Oil Company said in a statement on Saturday, but the Kurdish polity denied this.
  • OPEC authorizes Iraq to increase output Iraq’s representative at OPEC said the organization had agreed to the country increasing its output to 4.5 million barrels of oil per day begin from June, the state news agency INA reported on Saturday.

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