Iran, which is under sanctions over its uranium enrichment activities, was the third-biggest producer of crude in OPEC in 2024 behind Saudi Arabia and Iraq.
Chevron’s curbed oil exports from Venezuela due to US permit issues, adding to short-term bullishness in the market.
Crude prices climbed despite news that eight international oil companies operating in Iraqi Kurdistan reached agreements in principle with Iraq’s federal and Kurdish regional governments to resume oil exports, an industry umbrella group said.
Iraq was the second-biggest crude producer in the Organization of the Petroleum Exporting Countries in 2024, according to US energy data.
(Reporting by Scott DiSavino in New York, Seher Dareen in London and Jeslyn Lerh in Singapore; additional reporting by Stephanie Kelly in London; Editing by Mark Potter, Marguerita Choy and Nia Williams)