Iraq’s semi-autonomous Kurds reasserted their right to sell $100 million of crude on board a tanker off the Texas coastline after the government in Baghdad persuaded a U.S. judge to order the cargo’s seizure.
The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros.
The petroleum market will be obsessed with thawing relations and thawing turkeys. The ultra-low sulfur diesel led a comeback in energy in the aftermath of skepticism surrounding the surprise deal with Iran.
Iraq’s crude output rose above 3 million barrels a day last month for the first time since the 2003 U.S.-led invasion that toppled Saddam Hussein, according to the Organization of Petroleum Exporting Countries.
Iraq is preparing to hold its first auction of oil and natural-gas exploration rights since the 2003 ouster of Saddam Hussein, offering investors the opportunity to exploit the world’s fifth-largest crude reserves.
Beware the Ides of March and be aware of the drop in distillate inventories in this week’s oil inventory report. Even Julius Caesar himself might have reason to be concerned about Europe and their cold winter.