2025.09.2914:59:05UTC+00Oil Falls by Over 3%

WTI crude oil futures experienced a decline of over 3%, settling at $63.6 per barrel. This downturn is attributed to the resumption of crude oil exports from Iraq's Kurdistan region on Saturday after a hiatus of two and a half years, coupled with OPEC+'s plans to increase output, heightening fears of an oversupplied market. The agreement forged between Iraq's federal government, the Kurdistan Regional Government, and international oil firms operating in the area will initially enable the export of 180,000 to 190,000 barrels per day to Turkey's Ceyhan port. This development follows US advocacy for Kurdish crude's re-entry into global markets, with projected volumes eventually reaching approximately 230,000 barrels per day. The reemergence of Kurdish oil exports aligns with OPEC+ initiatives aimed at increasing production to capture greater market share. It is reported that the group plans to sanction a minimum increase of 137,000 barrels per day for November during its meeting later this week. Notably, crude oil prices rose over 5% last week, marking the most significant weekly gain since June, driven by Ukraine's persistent attacks on Russian energy assets, which have curtailed Russian fuel exports.