In addition, news that the Organization of Petroleum Exporting Countries (OPEC) and major non-OPEC producers (the OPEC+ group) also plan to increase production again in November is adding pressure on the market.
In the early afternoon (Vietnam time), Brent crude futures fell 34 cents (0.5%) to $69.79 a barrel, after closing on September 26 at their highest level since July 31. West Texas Intermediate (WTI) crude fell 43 cents (0.7%) to trade at $65.29 a barrel, erasing most of the gains from September 26.
Michael McCarthy, CEO of investment platform Moomoo in Australia and New Zealand, said lingering concerns about rising oil production are holding back the commodity's upward momentum. However, the prospect of tighter supply in the short term has put crude oil prices in a difficult position as the trading week begins.
Iraq's oil ministry said crude oil began flowing through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Türkiye on Saturday, for the first time in two and a half years, after a temporary agreement broke the deadlock. The agreement is expected to allow approximately 180,000-190,000 barrels of crude oil per day to reach Türkiye's Ceyhan port.
The US has pushed for this restart, a move expected to bring back up to 230,000 barrels of crude oil per day to the international market at a time when OPEC+ is increasing production to regain market share.
Three sources familiar with the negotiations said OPEC+ is likely to approve a crude oil production increase of at least 137,000 barrels per day at Sunday's meeting, amid rising oil prices that are encouraging the group to try to gain more market share.
However, OPEC+ is actually pumping nearly 500,000 barrels per day less than its target, contrary to market expectations of a supply surplus.
Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-chiu-suc-ep-khi-nguon-cung-du-kien-tang-20250929140309114.htm
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