On Tuesday, oil prices experienced a decline, driven by expectations of an additional production increase from OPEC+ and the reinstatement of oil exports from Iraq’s Kurdistan region through Turkey, which bolstered the forecast for an impending supply surplus. Brent crude futures for November delivery, which are set to expire on Tuesday, decreased by 47 cents, or 0.69%, reaching $67.50 a barrel as of 0012. The more active contract for December decreased by 43 cents, representing a decline of 0.64%, settling at $66.66 per barrel.

U.S. West Texas Intermediate crude was priced at $63.05 a barrel, reflecting a decline of 40 cents, or 0.63%.
The declines continue from Monday’s downturn, during which both Brent and WTI closed over 3% lower, marking their most significant daily decreases since August 1, 2025. Oil’s declines were observed as Iraq’s Kurdistan region recommenced crude oil exports over the weekend, coupled with indications that OPEC+ is poised to sanction a production increase for November during its upcoming meeting, as noted by IG analyst Tony Sycamore in a communication to clients.

During a meeting set for Sunday, the Organization of the Petroleum Exporting Countries and its allies, including Russia, collectively referred to as OPEC+, are expected to endorse an additional oil production increase of no less than 137,000 barrels per day, according to sources. “Despite (OPEC+) being under their quota, the market appears to be reacting negatively to the prospect of increased oil supply,” stated analyst Ed Meir. On Saturday, crude oil was transported via a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey for the first time in two and a half years, following an interim agreement that resolved a prolonged deadlock, according to Iraq’s oil ministry.

The market has exhibited a cautious stance in recent weeks, weighing supply risks, primarily stemming from Ukraine’s drone attacks on Russian refineries, against apprehensions regarding oversupply and subdued demand. In other developments, U.S. President Donald Trump secured the endorsement of Israeli Prime Minister Netanyahu for a U.S.-supported peace initiative concerning Gaza, while the position of Hamas continued to be ambiguous.