Oil prices decline as Kurdistan resumes crude exports and OPEC+ considers output increase
Oil prices fell nearly 1% on Monday following the resumption of Kurdistan's crude oil exports to Turkey and OPEC+'s plans for increased production.
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Oil prices dropped almost 1% on Monday due to two significant developments in the global oil market. Iraq's Kurdistan region resumed crude oil exports to Turkey through a pipeline that had been inactive for two and a half years, following an interim agreement between Iraq's federal government, the Kurdistan regional government, and foreign oil producers.
The pipeline will transport 180,000 to 190,000 barrels per day to Turkey's Ceyhan port, with potential to reach 230,000 barrels daily. Meanwhile, OPEC+ is planning another oil output increase in November, with sources suggesting an approval of at least 137,000 barrels per day increase. The previous week saw oil prices rise over 4% due to Ukraine's drone attacks on Russia's energy infrastructure.
Brent crude fell to $69.50 per barrel while US crude traded at $65.07.
Original Article
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