Oil Market Reacts to Iraq's Pipeline Announcement

The global oil market experienced a slight downturn on Tuesday, following remarks by Iraqi Deputy Prime Minister for Energy and Oil Minister Hayan Abdul Ghani. The minister hinted at the possibility of resuming oil transfers via the Kirkuk–Baniya pipeline, which traverses Syria. This development has sparked interest among investors and analysts alike.

OPEC's Stance on Oil Demand

Amid these discussions, the Organization of the Petroleum Exporting Countries (OPEC) has reiterated its earlier forecasts for oil demand growth in 2025, maintaining a steady outlook despite fluctuating market conditions.

Price Movements

By midday Eastern Time, West Texas Intermediate (WTI) for September deliveries saw a decrease of 1.08%, trading at $63.28 per barrel. Similarly, Brent crude for October settlements fell by 0.72%, settling at $66.16 per barrel.