Oil prices fall as Kurdistan restarts exports and OPEC+ plans more production
Oil prices dropped almost 1% on Monday after Kurdistan began oil exports to Turkey again and OPEC+ planned to increase production.
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Oil prices fell nearly 1% on Monday because of two important events. Kurdistan started exporting oil to Turkey again through a pipeline that was closed for two and a half years. This happened after Iraq's government, Kurdistan, and foreign oil companies made an agreement.
The pipeline can send 180,000 to 190,000 barrels of oil per day to Turkey, and maybe 230,000 barrels later. At the same time, OPEC+ is planning to produce more oil in November - about 137,000 more barrels per day. Last week, oil prices went up more than 4% because Ukraine attacked Russia's energy buildings.
On Monday, Brent oil was $69.50 per barrel and US oil was $65.07 per barrel.
Original Article
yahoo.comhttps://finance.yahoo.com/news/oil-slips-kurdistan-crude-exports-003856411.html