Oil prices under pressure as supply expected to increase

Photo caption — Oil rig in Luling, Texas, USA. Photo: THX/TTXVN

In addition, information that the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producers (OPEC+ group) also plan to increase production again in November also increased pressure on the market.

In the early afternoon (Vietnam time), Brent crude futures fell 34 cents (0.5%) to $69.79/barrel, after closing the session on September 26 at the highest level since July 31. US light sweet crude (WTI) fell 43 cents (0.7%) to trade at $65.29/barrel, erasing most of the increase on September 26.

Michael McCarthy, chief executive of investment platform Moomoo in Australia and New Zealand, said lingering concerns about rising production were keeping the commodity in check. However, the prospect of tighter supplies in the near term put crude prices on edge as the trading week began.

Crude oil began flowing through a pipeline from Iraq's semi-autonomous Kurdistan region to Türkiye on Saturday for the first time in 2.5 years, Iraq's Oil Ministry said, after a temporary deal broke a deadlock. The deal is expected to allow about 180,000 to 190,000 barrels a day of crude to the Turkish port of Ceyhan.

The US has pushed for the restart, a move expected to return up to 230,000 barrels a day of crude to the international market at a time when OPEC+ is increasing production to regain market share.

OPEC+ is likely to approve a crude output increase of at least 137,000 barrels per day at its meeting on Sunday, three sources familiar with the talks said, as rising oil prices encourage the group to try to gain more market share.

However, OPEC+ is actually pumping nearly 500,000 barrels per day less than its target, going against market expectations of a supply glut.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-chiu-suc-ep-khi-nguon-cung-du-kien-tang-20250929140309114.htm