US EditionOil Prices Drop About 3% on Expected Global Supply Growth
The export restart followed an interim agreement ending a 2.5-year dispute, enabling 180,000 to 190,000 barrels per day to flow to Turkey, easing Kurdistan's economic pressures.
- On Saturday, September 27, 2025, Iraq resumed crude oil exports from the Kurdistan region via the Iraq-Turkey pipeline after a 2.5-year halt.
- The restart followed a historic interim agreement resolving a dispute between Iraq's federal and Kurdish governments over export authorization and revenue sharing.
- Eight oil firms reached deals with both the Kurdistan Regional Government and Iraq’s federal authorities to facilitate the export of crude oil volumes ranging between 180,000 and 190,000 barrels daily to Turkey’s Ceyhan terminal.
- Iraq's oil minister Hayyan Abdul Ghani said Kurdistan retains 50,000 bpd for local use while exports will help increase Iraq's total oil shipments to nearly 3.6 million barrels per day.
- The crude export resumption pressured oil prices, causing Brent and WTI to fall about 2% to 3%, amid expectations of rising global supply and a potential OPEC+ production hike.
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The oil price fell below $70 a barrel on Monday. The decline follows signs that the 23-nation OPEC+ oil cartel would again increase production in November. Moreover, Iraq is resuming its oil exports.
Business Recorder
CDE NewsOil dips as OPEC+ plan stokes supply-surplus concerns
Oil prices fell on Tuesday as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq’s Kurdistan region via Turkey reinforced the outlook for a looming supply surplus. Brent crude futures for November delivery , expiring on Tuesday, fell 54 cents, or 0.8%, to $67.43 a barrel by 0320 GMT. The more active contract for December was down 53 cents, or 0.8%, at $66.56 per barrel. U.S. West Texas Intermediate crude…
RESUMPTION OF OIL SHIPMENTS THROUGH IRAQ-TURKIYE PIPELINE BOLSTERS REGIONAL ENERGY SECURITY
Mon 29 September 2025: Oil shipments through the Iraq-Turkiye pipeline resumed on Saturday after two-and-a-half years, in a move expected to strengthen Turkiye’s energy supply and add diversity to global markets. Turkish Energy and Natural Resources Minister Alparslan Bayraktar said on Saturday that flows resumed at 7.07 am local time (0407GMT) through the pipeline, which […]
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