Overview

• Brent futures extended losses to about $67.50 and WTI to near $63 after Monday’s more than 3% slide, reflecting expectations of rising supply.
• OPEC+ is expected to approve at least a 137,000 bpd increase for November at its Oct. 5 meeting, according to multiple sources familiar with the talks.
• Since April, the alliance has raised quotas by more than 2.5 million bpd as it prioritizes regaining market share, though delivered volumes have trailed targets.
• Iraqi Kurdistan resumed pipeline exports to Turkey for the first time in 2-1/2 years, initially at 180,000–190,000 bpd with potential to reach about 230,000 bpd.
• Despite headline hikes, OPEC+ output is running roughly 500,000 bpd below pledged levels, and agencies warn the ongoing restoration of supply could set up a 2026 surplus.