Iraq has begun to use a new facility to compensate for delayed exports given the tensions in the northern parts of the country, which has closed two of the region's most important pipelines. According to Bloomberg Map, the super tanker Chole, which can transport about 2m. barrel is anchored off the coast of southern Iraq, and the oil minister in the country said he would increase the country's exports by 200,000 barrels a day.
At present, the country pumps and sells around 4.47m barrels per day, and the ministry's target is to reach this figure to 5m, despite the abbreviated agreement between OPEC countries. According to the oil ministry, Iraq will be able to increase its exports by sea through several more tankers, thus largely avoiding its dependence on the Kurdish regions.
Technically, the cost of the raw material is on horizontal resistance and forms a Double top that is still inactive. Today, the price has opened upward, which is subsequently filled and is currently on the rise. Dem 14 does not give a signal as it is near an overproduction zone. A break above the horizontal resistance level of about $52.50 will boost positivism and the negative scenario will break and we are more likely to expect an increase in the cost of the raw material.
A short entry would now be worth SL $53.00 per barrel.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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