Crude oil storage tanks are seen, Tuesday, March 17, 2026, in Baltimore. (AP Photo)
Oil Price, LPG Gas Crisis News Live Updates: Benchmark Brent crude futures dropped back to $100 per barrel on Wednesday, after crude exports from Iraq’s Kirkuk fields to Turkey’s Ceyhan port resumed via pipeline, news agency Reuters reported. This comes a day after Baghdad and the Kurdistan Regional Government (KRG) agreed on Tuesday to restart flows, Reuters reported. As of 12:03 pm, Brent crude traded at $100.59 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude dropped to $92.20 per barrel.
Iraq is seeking to pump at least 100,000 barrels per day of crude through the port, officials told Reuters earlier this week. With the Iran conflict effectively shutting down the vital Strait of Hormuz through which some 20% of global oil passes, oil production from Iraq’s main southern oilfields, plunged 70% to just 1.3 million bpd, according to the report.
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In India: In a bid to rapidly expand piped natural gas (PNG) access and coverage amid the shortage of liquefied petroleum gas (LPG) due to the West Asia conflict, the Centre has written to States to expedite approvals to city gas distribution (CGD) firms for laying pipelines. With the effective halt in maritime traffic through the critical chokepoint of the Strait of Hormuz, India’s LPG supplies have been majorly hit.
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