Oil prices fell on Monday after Iraqi Kurdistan resumed crude oil exports via Turkey over the weekend, and OPEC plans another oil production increase in November, which will increase global supplies, UNN reports, citing Reuters.
Details
Brent crude futures fell 34 cents, or 0.5%, to $69.79 a barrel by 03:30 GMT (06:30 Kyiv time), after reaching a high since July 31 on Friday. U.S. West Texas Intermediate crude traded at $65.29 a barrel, down 43 cents, or 0.7%, reversing most of Friday's gains.
"Lingering concerns about production growth are capping gains, but a tight short-term outlook is putting oil prices in a vise as the trading week begins," said Michael McCarthy, CEO of investment platform Moomoo Australia and New Zealand.
On Saturday, oil flowed for the first time in two and a half years through a pipeline from semi-autonomous Kurdistan in northern Iraq to Turkey after a temporary agreement broke the country's deadlock, Iraq's oil ministry said.
An agreement between the Iraqi federal government, the Kurdistan Regional Government (KRG), and foreign oil companies operating in the region will allow 180,000 to 190,000 barrels of oil per day to be supplied to the Turkish port of Ceyhan, Iraq's oil minister told Kurdish TV channel Ruda.
The U.S. has pushed for a resumption of supplies, which is expected to eventually bring up to 230,000 barrels of oil per day back to global markets as OPEC+ ramps up production to increase market share.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) at its meeting on Sunday is likely to approve another oil production increase of at least 137,000 barrels per day, as rising oil prices push the group to further restore market share, three sources said.
However, OPEC+ is producing almost 500,000 barrels per day less than planned, contrary to market expectations of an oversupply.
"As OPEC prepares to further reduce its spare capacity, the risk of a geopolitical surprise in October continues to grow," RBC Capital Markets analysts note.
"While the dominant narrative over the summer was a story of oversupply in the fourth quarter of 2025, market participants are beginning to price in the risk of an accelerating awakening associated with the ongoing conflicts of Russia and Iran," RBC analysts note.
Last week, Brent and WTI crude prices rose more than 4%, showing their largest weekly gain since June, as drone attacks on Russian energy infrastructure led to a reduction in fuel exports from the country.
On Sunday morning, Russia launched strikes on Kyiv and other regions of Ukraine, one of the longest attacks on the capital since the start of the full-scale war.
Meanwhile, the United Nations reimposed an arms embargo and other sanctions on Iran over its nuclear program as part of a process initiated by European powers, which Tehran warned would be met with a harsh response.
UN reimposed arms embargo and sanctions on Iran28.09.25, 11:31 • [views_4397]