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58m ago

Oil Slips as Kurdistan Exports Restart and OPEC+ Signals Another November Hike

Brent hovered near $69.50 as markets priced Kurdish pipeline flows alongside a possible 137,000 bpd OPEC+ increase for November.

A flame rises from a chimney of an oil field in Iraq's Kurdistan region, August 16, 2014. REUTERS/Azad Lashkari/File Photo
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov
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Overview

  • Brent fell about 0.9% to roughly $69.50 a barrel and WTI eased to near $65 after Friday’s rally tied to geopolitical risks.
  • Iraq’s Kurdistan resumed pipeline exports to Turkey for the first time in 2½ years, initially allowing about 180,000–190,000 bpd to reach Ceyhan under an interim deal.
  • Eight OPEC+ producers are set to meet online on Oct. 5, with sources indicating the group will likely approve at least a 137,000 bpd increase for November.
  • OPEC+ has raised quotas by more than 2.5 million bpd since April to regain market share, yet actual output remains roughly 500,000 bpd below targets as capacity limits bite.
  • Outlooks diverge for 2026, with the IEA and Goldman Sachs warning of a large surplus and lower prices while Standard Chartered projects firmer prices on stimulus and potential producer cuts.