Oil Rally Fizzles; Kurds Reach Deal on Exports With Iraq

FPBy Mark Shenk and Moming Zhou - Dec 2, 2014

West Texas Intermediate and Brent crudes fell after the Iraqi government and Kurdish authorities reached an agreement that paves the way for increased oil exports.

WTI dropped for the fifth time in six days. The deal allows the shipment of 300,000 barrels a day of Iraqi Kirkuk blend to Turkey’s Mediterranean port of Ceyhan along a pipeline operated by the Kurds, Safeen Dizayee, a spokesman for the Kurdish Regional Government, said today by phone. Iraq is OPEC’s second-biggest oil producer. OPEC may hold an emergency meeting in the first quarter of 2015,Venezuela’s Foreign Minister Rafael Ramirez said in an interview with Panorama newspaper.
Oil Rally Fizzles; Kurds Reach Deal on Exports With Iraq by Thavam Ratna