Oil Prices Drop, Kurdistan Oil Exports Reopen
World oil prices fell earlier this week after the Kurdistan region of Iraq resumed oil exports to Turkey. Furthermore, OPEC+'s plan to increase production in November also added pressure on prices. Brent crude fell to $69.79 per barrel, while WTI weakened to $65.29 per barrel.
Exports from Kurdistan resumed late last week after an agreement was reached between the Iraqi government, Kurdistan authorities, and foreign companies. Approximately 180,000 to 190,000 barrels per day are expected to be shipped to Turkey's Port of Ceyhan, with the potential for an increase of up to 230,000 barrels.
Meanwhile, OPEC+ plans to increase oil production by at least 137,000 barrels per day to maintain market share. However, the group is still producing about 500,000 barrels per day below its target, keeping the market tight.
However, geopolitical tensions such as the Russia-Ukraine conflict and new sanctions on Iran continue to threaten global supply. Russian attacks on Kyiv have escalated again, while Iran faces a UN arms embargo that could trigger a harsh response. (ads)
Source: Newsmaker.id