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Oil Prices Drop About 3% on Expected Global Supply Growth

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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