23.09.202501:17:53UTC+00Oil Prices Little Changed

WTI crude oil futures hovered around $62.2 per barrel on Tuesday following a four-day downward trend as traders weighed concerns about an oversupply against the persistent risks associated with Russian oil. Reports have surfaced suggesting that Iraq might soon resume exports through Kurdistan, which have been suspended for over two years due to a payment dispute. This could potentially reintroduce approximately 230,000 barrels per day (bpd) of crude to the global market. Concurrently, Iraq has augmented oil exports under the OPEC+ agreement, with projected September shipments expected to be between 3.4 and 3.45 million bpd, further amplifying fears of an oversupply amid a bleak demand outlook. Additionally, attention remained on strategies intended to restrict Russia's energy exports. Last Friday, the European Union proposed its 19th sanctions package against Russia, including a prohibition on Russian LNG imports and restrictions on 118 additional shadow vessels, as well as on Chinese and other foreign entities purchasing Russian oil.