Global oil prices fell today, sliding more than one percent after signals that OPEC+ could raise output in November and Iraq’s Kurdistan region resumed exports through Turkey. Brent crude futures dropped to just over 69 dollars a barrel, while U.S. West Texas Intermediate slipped to about 64 dollars.
The OPEC+ alliance, which includes major oil producers, is expected to confirm an increase of at least 137,000 barrels per day at its meeting on Sunday. The move comes as producers seek to regain market share after recent price gains, although the group has consistently pumped below its set targets.
Adding to supply pressures, crude shipments from Iraq’s Kurdistan region restarted at the weekend after a two-and-a-half-year pause, further easing tightness in global markets. Analysts say the combined developments have tempered fears of a shortfall in oil supply.
