Iraq Looks to Boost Chinese Oil Storage
February 15, 2021
The Energy Markets are closed today for the President’ Day holiday so there is no forward contracting available.
Baker Hughes Rig Count was up 7 oil rigs in the report released Friday. Total rigs are now at 306 compared to last year when there were 678 oil rigs in operation.
Iraq is in advanced talks with state-run Chinese oil companies to discuss building crude oil storage facilities in China as part of a plan to boost oil sales to Asia according to Iraq’s oil minister in comments to Reuters.
According to Russian Deputy Prime Minister Alexander Novak the global oil market is on a recovery path and the oil price this year could average $45 – $60 per barrel, he commented this weekend, according to a Reuters report.
Tensions between Iran backed Houthi rebels and Saudi Arabia rose on Friday after news that the Houthi’s air force drone missiles struck an airport and air base in Saudi Arabia.