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OPEC+ plans another oil output hike in November: Reuters
- Oil prices fell sharply on Tuesday as crude exports resumed from Iraq's Kurdistan region through Turkey and anticipation grew for an OPEC+ output increase.
- The resumption of Kurdish crude exports ended a 2.5-year halt following an interim deal, while OPEC+ has been raising production since April and plans another increase in November.
- Market participants in the oil sector remain wary, weighing the threat of disruptions caused by Ukrainian drone strikes targeting Russian fuel processing facilities against fears of excessive supply due to increasing production and weakening demand.
- November Brent crude futures dropped 47 cents to $67.50 a barrel, while U.S. West Texas Intermediate slipped 40 cents to $63.05. Marex analyst Ed Meir noted that investors remain uneasy about the increasing oil supply entering the market.
- The combined impact of resumed Kurdish exports and further OPEC+ production hikes suggests a looming supply surplus that could exert downward pressure on prices in coming months.
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CNBC
CNBCOil falls as OPEC+ plans to further increase output
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 47 cents, or 0.69 per cent, to $67.5
·Singapore
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People familiar with the matter said that members of the OPEC oil cartel and the OPEC+ group of countries cooperating with it will soon agree to increase oil production by 137,000 barrels per day in November.
·Estonia
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Total News Sources43
Leaning Left2Leaning Right6Center9Last UpdatedBias Distribution53% Center
Bias Distribution
- 53% of the sources are Center
53% Center
12%
C 53%
R 35%
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