World oil prices fall due to increased supply pressure

Oil prices fell in the morning session on September 29 in Asia, after Iraq's Kurdistan region resumed crude oil exports through Türkiye over the weekend, and the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, planned to increase oil production in November 2025, increasing global supply.

Pumping gas for vehicles at a gas station in Cairo, Egypt. Photo: AFP/TTXVN

At 10:13 a.m. Vietnam time, North Sea Brent crude fell 30 cents, or 0.43 percent, to $69.83 a barrel, while U.S. West Texas Intermediate (WTI) crude traded at $65.32 a barrel, down 40 cents, or 0.61 percent, reversing much of the gains made in the previous session.

Concerns about rising production are limiting oil price gains, said Michael McCarthy, chief executive of investment platform Moomoo in Australia and New Zealand.
Crude oil began flowing through a pipeline from Iraq's semi-autonomous Kurdistan region to Turkey over the weekend for the first time in 2.5 years, the Iraqi Oil Ministry said, after a temporary deal broke a long-running impasse over the Kurdistan region's oil exports.

Global supplies could also increase as OPEC+ is likely to approve another crude oil production increase of at least 137,000 barrels per day at its upcoming meeting, according to three sources familiar with the matter. Higher oil prices have encouraged the group to try to regain more market share, the sources said.

Last week, Brent and WTI prices rose more than 4%, their biggest weekly gains since June.

The reason is that Ukrainian drone attacks on Russia's energy infrastructure have reduced the country's fuel exports.

Source: https://baotintuc.vn/kinh-te/gia-dau-the-gioi-di-xuong-truoc-ap-luc-nguon-cung-gia-tang-20250929111102123.htm