According to the words of a senior Russian diplomat, Russian and American delegations are scheduled to meet this week to discuss improving relations. U.S. and EU sanctions regarding the export of Russian oil are affecting supplies and disrupting deliveries of marine oil. European leaders are meeting at an extraordinary summit on March 6 to discuss additional support for Ukraine and guarantees of European security. This comes after U.S. President Donald Trump initiated negotiations with Russia regarding the cessation of hostilities, but without the invitations of Ukraine or the European Union to the negotiation table.
Global energy supplies are expected to increase in the event of a peace agreement and the lifting of sanctions. In the Middle East, a Hamas representative stated that negotiations with Israel have made gradual progress within the framework of the ceasefire agreement regarding the suspension of hostilities that depends on the release of Palestinian prisoners, as previously agreed.
It should be noted that Israel and Hamas have often accused each other of violations since the beginning of the ceasefire on January 19, but it continues to hold. Oil prices decreased at the beginning of the session on Monday, maintaining declines from the previous week, and due to the perspective of a revival of exports from oil fields in Kurdistan, while investors await clarity in the negotiations upon the cessation of the war between Russia and Ukraine.
Futures for Brent crude oil lost 20 cents, or 0.3%, to $74.23 a barrel by 01:13 GMT, while WTI futures fell 28 cents, or 0.4%, to $70.12 a barrel. Both contracts dropped by more than $2 on Friday, also declining over the week. According to information from the Iraqi Ministry of Oil, Iraq will export 185,000 barrels a day from its oil fields in Kurdistan via the Iraq-Turkey pipeline after supplies are resumed.
The Iraqi Ministry of Oil reported that all necessary procedures for the resumption of exports via the Iraq-Turkey pipeline have been completed, which could potentially allow almost a twofold increase in the supply, leading to disruptions in crude supply. Attention is focused on the negotiations regarding the end of the war between Russia and Ukraine, which enters its fourth year on Monday.
