|

Iraq’s OilMin: Iraq plans to raise oil production to over 7.5 mln bpd during 2023, 2024

Iraq’s state newspaper reports comments from the country’s Oil Minister Jabar al-Luaibi, as he expresses his take on the oil prices and production.

Key Points:

Iraq plans to raise oil production to over 7.5 mln barrels per day (bpd) during 2023, 2024.

Oil prices approaching stability.

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Editor's Picks

USD/JPY under heavy bearish pressure, closes in on 155.00

USD/JPY remains under persistent selling pressure and trades well below 156.00 in the second half of the day on Thursday. Hawkish BoJ expectations and intervention risks continue to lend support to the Japanese Yen and weigh on the pair as investors await August ISM Services PMI data from the US.

AUD/USD ranges above 0.7150 despite upbeat Chinese PMI

AUD/USD struggles to capitalize on the previous day's bounce from a nearly two-week low and ranges above 0.7150 in Asia on Thursday, as dismal Australian trade data counter upbeat China's RatingDog Services PMI. However, the pair's upside remains in check as the US Dollar stalls the weak ADP report-led slide amid escalating US-Iran tensions and firming September Fed rate-hike bets.

Gold rallies over 2% as US Dollar and Treasury yields retreat

Gold extends its rebound on Thursday after slipping below $4,300 to a nearly four-week low on the previous day. A sharp rally in the JPY weighs on the USD, while a pullback in US Treasury yields provides additional support to the precious metal.

XRP defends key support, XLM awaits breakout as derivatives strengthen
Ripple (XRP) and Stellar (XLM) show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages (EMAs).
ISM Services PMI Preview: US service sector expected to expand in August

On Thursday, we’ll get the latest read on the US service sector when the Institute for Supply Management publishes its August gauge. Consensus points to a marginal improvement to 54.3 from July’s 54.1. If confirmed, the reading would reinforce the sector’s resilience and offer a modest boost to confidence in the broader economy. The ISM will publish the Services Purchasing Managers Index (PMI) on Thursday at 14:00 GMT.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.