Oil prices retreated in early Asian trade on Monday, edging lower after the resumption of crude exports from Iraq\u2019s Kurdistan region and growing expectations that OPEC+ will approve another production increase in November. The developments added to concerns of rising supply in an already delicate market.<\/p>\n
At the time of writing, WTI crude<\/a> was trading at $65.16 per barrel, down 0.85%, while Brent crude<\/a> was priced at $69.61 per barrel, a decline of 0.74%. Both benchmarks gave back ground after strong gains last week, when escalating geopolitical risks briefly lifted sentiment.<\/p>\n For the first time in more than two years, oil began flowing<\/a> again through the pipeline connecting northern Iraq\u2019s Kurdistan region to Turkey\u2019s Ceyhan port. The restart follows an interim deal between Iraq\u2019s federal government, the Kurdistan Regional Government (KRG), and international oil producers operating in the region.<\/p>\n According to Iraq\u2019s oil ministry, the agreement initially allows 180,000\u2013190,000 barrels per day (bpd) to reach international markets, with volumes potentially climbing to 230,000 bpd in the coming months. The United States had pressed for a resolution to the long-running dispute, viewing Kurdish exports as a stabilizing factor in global oil supply chains.<\/p>\n The restart is particularly significant given its timing, with OPEC+ members already weighing additional output increases.<\/p>\n OPEC+ is expected<\/a> to move ahead with another modest supply hike when it convenes on Sunday. Sources close to the talks suggest the group could approve at least 137,000 bpd of additional production.<\/p>\n The recent oil price rally has only strengthened OPEC+\u2019s incentive to restore more volumes, with the coalition eager to secure market share while avoiding accusations of artificially constraining supply. Still, despite planned hikes, the group has consistently<\/a> produced nearly 500,000 bpd below its collective target, underscoring structural challenges that limit its capacity to quickly add barrels.<\/p>\n