Oil update: Crude increase due to supply concerns; Syria gets new oil minister

Oil rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and as easing fears of a global banking crisis supported risk sentiment in the wider markets.

Crude exports of 450,000 barrels per day from Iraq’s semi-autonomous northern Kurdistan region were halted on Saturday following an arbitration decision that confirmed Baghdad’s consent was needed to ship the oil.

Brent crude climbed 28 cents, or 0.36 percent, to $78.93 a barrel at 12.00 p.m. Saudi time, while West Texas Intermediate US crude increased 41 cents, or 0.56 percent, to $73.61.

Syria’s president appoints new oil minister in reshuffle

Syrian President Bashar Assad has appointed a new oil minister and changed four other ministers in a cabinet reshuffle, state media said on Wednesday.

Hassan Kaddour, who was the general director of the Syrian Petroleum Company for the last two years, replaces Bassam Touma as oil minister, the report said.

Assad named Mohsen Abdelkarim Ali as the internal trade minister, Abdelqader Jokhdar as the industry minister, Louay Al-Munajjed as the social affairs minister and Ahmed Bostachi as a state minister.

EU countries seek legal option to stop Russian LNG imports

EU countries agreed on Tuesday to seek a legal option to stop Russian companies sending liquefied natural gas to EU nations, by preventing Russian firms from booking infrastructure capacity.

Energy ministers from the bloc proposed that new EU gas market rules should include the option for governments to temporarily stop Russian and Belarusian gas exporters from bidding up-front for capacity on the infrastructure needed to deliver LNG into Europe.

The proposal is part of countries’ negotiating position on new EU gas market rules. It must be negotiated with the European Parliament — a process that can take months.

The 27-country EU has pledged to ditch Russian gas in response to Moscow’s invasion of Ukraine. Europe’s pipeline imports of gas from Russia have plunged since the invasion, but LNG imports have increased.

Russian LNG deliveries to Europe increased last year — to 22 billion cubic meters, up from around 16 bcm in 2021, according to EU analysis.

Russia’s Rosneft signs deal to boost oil supplies to India

Russia’s largest oil producer Rosneft and India’s top refiner Indian Oil Corp. have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday.

The deal was signed during a working trip to India by Rosneft CEO Igor Sechin, the company said.