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Oil prices slipped sharply in Asian trade Monday, as signals of fresh supply increases rattled traders already wary of a growing glut.
By 21:41 ET (01:41 GMT), Brent crude futures (Nov) were down 0.8% at $69.58 a barrel, while WTI crude (Nov) fell 0.9% to $65.16. Both benchmarks had surged nearly 5% last week, buoyed by concerns over Russian supply risks.
OPEC+ Seen Raising Production Again in November
A Bloomberg report indicated that OPEC+ is set to consider another production hike at its Oct. 5 online meeting. Led by Saudi Arabia, the group may add at least the 137,000 barrels per day already agreed for October, extending a series of output increases this year.
The move marks a sharp reversal of the deep supply cuts in 2023–2024, as the group seeks to reclaim market share. The International Energy Agency (IEA) has already warned that such a policy could push the oil market into a record surplus by 2026, with supply outpacing demand.
Iraq Resumes Kurdish Oil Flows
Adding to bearish sentiment, Iraq resumed crude exports from its semi-autonomous Kurdistan region to Turkey on Saturday, ending a more than two-year suspension.
Initial shipments through the Kirkuk–Ceyhan pipeline were estimated at 180,000–190,000 barrels per day, with potential for higher flows in the coming months. The restart followed an interim deal between Baghdad, the Kurdistan Regional Government, and foreign oil firms, resolving a dispute that had stalled exports since March 2023.
