Doha: Oil prices fell 3 percent at settlement Monday, amid expectations of global supply growth, as OPEC+ plans to increase oil production again in November, along with the resumption of oil exports from the Kurdistan Region of Iraq via Turkiye. Brent crude futures fell $2.16, or 3.1 percent, to settle at $67.97 a barrel. US West Texas Intermediate (WTI) crude fell $2.27, or 3.45 percent, to $63.45 a barrel.
According to Qatar News Agency, OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is likely to agree to a further increase in crude oil production at its meeting next Sunday. Meanwhile, the Iraqi Oil Ministry said that crude oil flowed on Saturday through a pipeline from the Kurdistan Region in northern Iraq to Turkiye for the first time in two and a half years. This resumption is expected to ultimately contribute to the return of up to 230,000 barrels per day of crude oil to global markets.