Oil prices fall on expectations of increased supply

Oil prices fell in the afternoon session of September 30, reflecting plans to increase production by the Organization of the Petroleum Exporting Countries and its partners (OPEC+) and the resumption of oil exports from Iraq's Kurdistan region. These factors have raised market expectations of a global oversupply.

A Russian oil refinery. Photo: TheMoscowtimes.com/TTXVN

At 3:09 p.m. on September 30 (Vietnam time), the price of Brent crude oil for November 2025 delivery fell 84 US cents (1.2%) to 67.13 USD/barrel. The price of US light sweet crude (WTI) also fell 77 US cents (1.2%) to 62.68 USD/barrel. This decrease continued the sharp decline of the session on September 29, when both Brent and WTI fell more than 3%, recording the sharpest decline in a day since August 1.

Selling pressure intensified after some OPEC+ sources said the group would continue to increase production, while the market also reacted to Iraq resuming crude exports from the Kurdistan region via Turkey, said PVM analyst Tamas Varga.

OPEC+ is likely to approve an increase in oil production of at least 137,000 barrels per day at a meeting scheduled for October 5, three sources familiar with the matter said.

Crude oil flowed through a pipeline from Iraq's northern Kurdistan region to Türkiye on September 27 for the first time in 2 1/2 years, the Iraqi Oil Ministry said, thanks to a temporary deal that broke a previous deadlock.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-giam-do-ky-vong-nguon-cung-tang-20250930165330535.htm