RIYADH: Oil prices slid on Tuesday, extending losses of nearly 2 percent in the previous session, as a stronger US dollar and a flare-up in COVID-19 cases in China raised concerns of slowing global demand.
Brent crude futures fell 27 cents, or 0.3 percent, to $95.92 a barrel by 0342 GMT, after falling $1.73 in the previous session.
US West Texas Intermediate crude was at $90.73 a barrel, down 40 cents, or 0.4 percent, after losing $1.51 in the previous session.
The dollar gained on Tuesday, with worries about rising interest rates and geopolitical tensions unsettling investors.
Iraq eyes cutting domestic refinery runs
Iraq is planning to fulfill the newly agreed production targets set by the Organization of Petroleum Exporting Countries, and its allies, known as OPEC+, by cutting domestic refinery runs rather than reducing crude exports, a top official said.
In an interaction with Argus Media, Iraq’s OPEC representative Mohammad Saadoun Mohsen said that the country is planning to maintain its export level as it is.
“To bring down our production to match our quota in November we will reduce our refinery runs internally. And if we need to match domestic [refined product] needs, especially for gasoline or gasoil, we will be increasing our import level of such products,” said Mohsen.
KNPC says units at Mina Al-Ahmadi oil refinery stopped
Some units at Kuwait’s Mina Al-Ahmadi oil refinery abruptly stopped on Monday evening due to a cooling water cut, Kuwait National Petroleum Co., known as KNPC, said, adding that local supplies and exports have not been affected.
Work at the refinery’s gas plant was also halted, the company said in a post on its Twitter account without specifying a date for the resumption of operations.
Qatar aims to accelerate development of Namibia oil discoveries
The head of QatarEnergy, who is also Qatar’s energy minister, said on Monday the company wants to speed up the development of two oil wells it discovered off the Namibian coast with joint venture partners earlier this year.
Saad Al-Kaabi said drilling work is expected for 2023 to get a better understanding of deliverability and capacity, but did not indicate when the two oil finds will be brought into production.
The discoveries could make Namibia, the southern neighbor of OPEC member Angola, another oil producer along the African Atlantic coast.
The companies have not yet detailed the quantities found but the discoveries are likely in billions of barrels, Namibia’s mines and energy minister said in September.
(With input from Reuters)