Oil Prices Slip as Kurdish Exports Resume

Reuters

An oil field in the Kurdistan Region.

Oil prices fell at the start of trading on Monday, 29 September 2025, influenced by the resumption of exports from the Kurdistan Region via Turkey after a two-and-a-half-year pause, as well as expectations of further OPEC+ production increases in November.

By 09:00 am Today, Brent crude for November 2025 delivery had dropped around 34 cents, or 0.5%, to $69.79 a barrel. US West Texas Intermediate (WTI) futures also slipped by approximately 43 cents, or 0.7%, to $65.29 a barrel, erasing most of the previous session’s gains, according to live data from the Washington-based energy platform.

The fall followed the Iraqi Oil Ministry’s announcement that crude pumping from the Kurdistan Region via the pipeline to Türkiye’s Ceyhan port resumed on Saturday, 27 September, initially at 180,000–190,000 barrels per day. Exports are expected to rise to 230,000 barrels per day, adding supply at a time when OPEC+ plans to increase production.

Global market figures show that Brent had closed last week at its highest level since late July, buoyed by prior supply concerns. However, the resumption of Kurdistan exports and anticipated additional supply curtailed further gains. Analysts note that worries over increased production are tempering price momentum, though near-term tightness persists due to geopolitical tensions in Ukraine and Iran and limited spare production capacity. On Friday, 26 September, oil rose 1% to $70.19, recording weekly gains supported by Russian supply disruptions caused by Ukrainian attacks.

OPEC+ is expected to approve a further output increase at its next meeting as part of efforts to regain market share, despite recently producing around 500,000 barrels per day below targets. Sources familiar with the discussions indicate a potential rise of at least 137,000 barrels per day.

At the same time, analysts warn that diminishing spare capacity raises the risk of geopolitical shocks, particularly amid rising tensions over Ukrainian strikes on Russian energy infrastructure. The UN’s reimposition of an arms embargo and sanctions on Iran over its nuclear programme further heightens the potential for market instability.

Experts suggest that ongoing geopolitical pressures are likely to offset the effect of increased supply, keeping oil prices volatile as traders monitor for unexpected developments.


PUKMEDIA