25 June 2014
Oil prices hit 2014 highs on Iraq supply fears
Crude prices reached nine-month highs in mid-June as political instability and violence in Iraq stoked fears of supply outages
Brent futures reached 2014-highs of $112 per barrel (/b) on 12 June following violence in Iraq and continued outages in Libya. On 10 June, hundreds of Sunni fighters from the Islamic State in Iraq and the Levant (ISIS) seized control of Iraq’s second city, Mosul. The group then took control of vast swathes of Iraq’s Nineveh province, as well as the city of Tikrit. On 19 June, Brent soared to over $115/b after ISIS seized control of Iraq's biggest oil refinery, the Baiji facility north of Tikrit. The Iraqi government later regained control of the refinery after 24 hours of heavy fighting. However, the situation remains fluid, with heavy fighting continuing as Petroleum Economist went to pre
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
