Oil prices plunge 3% ahead of OPEC+ production increase plan

Oil prices plunged 3% in the session on September 29, as the prospect of increased global supply put pressure on "black gold".

Pumping gas for vehicles at a gas station in Jiangsu, China. Photo: THX/TTXVN

Accordingly, Brent oil price decreased by 2.16 USD (equivalent to 3.1%) to close at 67.97 USD/barrel, after reaching the highest level since July 31 in the last session of last week. US light sweet crude oil price (WTI) also decreased by 2.27 USD (3.45%) to 63.45 USD/barrel.

OPEC and major non-OPEC producers (collectively known as OPEC+) are scheduled to meet on October 5. OPEC+ is likely to confirm a production increase of at least 137,000 barrels per day for November to regain market share, three sources said. Notably, OPEC+ is currently pumping nearly 500,000 barrels per day less than its target.

As OPEC+ shifts to gain market share, energy market fundamentals are weakening and concerns about oversupply are prevailing, said Claudio Galimberti, chief economist at investment consultancy Rystad Energy.

Meanwhile, Iraq's oil ministry said crude oil has started flowing through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Türkiye for the first time in 2.5 years. Two industry sources told Reuters that flows from Kurdistan to the Turkish port of Ceyhan are running at 150,000-160,000 barrels per day. The resumption is expected to return up to 230,000 barrels per day to the international market.

Prices for both benchmarks rose more than 4% last week, as Ukrainian drone attacks on Russian energy infrastructure cut off the country’s fuel exports.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-lao-doc-3-truoc-ke-hoach-tang-san-luong-cua-opec-20250930075721671.htm