Oil prices will take a heavy hit? Unsealing of Kurdish oil imminent, Vitol is expected to take over exports.

According to the APP, media reports citing informed sources revealed that Iraq is negotiating with one of the most influential giants in the crude oil transportation sector - commodity trading giant Vitol, to handle crude oil sales once the country's Kurdistan region resumes oil exports after a two-year halt. For the international crude oil benchmark Brent crude price, which has been weak for much of this year, this news clearly leans towards the negative, as the resumption of Kurdish oil exports is expected to increase the expectation of "oversupply in the crude oil market", potentially pushing the recent rebound in Brent crude prices into a weak track.