Oil declined 3% as OPEC+ output and Kurdistan flows weigh on market
OPEC+ is expected to approve a November output increase of at least 137,000 barrels per day, reflecting a strategic focus on regaining market share
Oil prices fell sharply on Monday, reversing last week’s gains, as expectations of increased OPEC+ production and the resumption of crude exports from Iraq’s Kurdistan region weighed on market sentiment.
Brent crude settled $2.16 lower, or 3.1%, at $67.97 a barrel.
WTI lost $2.27, or 3.45%, closing at $63.45.
OPEC+ is expected to approve an output increase of at least 137,000 barrels per day in November, reflecting a strategic focus on regaining market share amid softer fundamentals and lingering concerns about oversupply.
Adding to downward pressure, crude flows from Kurdistan to Turkey’s Ceyhan port restarted over the weekend at 150,000-160,000 bpd, with volumes projected to reach 230,000 bpd, returning long-halted supplies to international markets.
The market’s pullback comes after last week’s rally, which was supported by disruptions to Russian refinery operations. While geopolitical risks continue to underpin a risk premium, analysts note that renewed output from OPEC+ and Kurdistan, alongside expectations of a global oversupply in 2026, may limit further gains.
Written: Aiman Haikal