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Oil near 26-month high as Turkey threatens to cut supply from Kurdish area

OPEC and non-OPEC producers said the market was well on its way towards rebalancing

Reuters  |  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 rebalancing is accelerating. Turkish President Tayyip Erdogan threatened on Monday to cut off the pipeline that carries 500,000-600,000 barrels of crude per 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 bpd of supply cuts by the Organization of the Petroleum Exporting ...

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First Published: Tue, September 26 2017. 15:59 IST
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