Oil prices fell about 2% today due to expectations of global supply growth, with OPEC+ planning to increase production next November and the resumption of crude exports from Iraq’s Kurdistan region through Turkey.

Brent crude dropped $1.13 or 1.6% to $69 per barrel, while West Texas Intermediate (WTI) crude fell $1.22 or 1.9% to $64.50. Meanwhile, the Iraqi Ministry of Oil stated that crude oil flowed through a pipeline from the Kurdistan region in northern Iraq to Turkey for the first time in two and a half years, following an agreement that led to the resumption of crude exports from the region.

The Iraqi Oil Minister recently told Rudaw Kurdish channel that the agreement between the Iraqi federal government, the Kurdistan Regional Government, and foreign oil producers operating in the region allows between 180,000 and 190,000 barrels per day of crude oil to flow to the Turkish port of Ceyhan.

This resumption is expected to eventually contribute to returning up to 230,000 barrels per day of crude oil to global markets. The price decline comes after Brent and US crude rose more than 4% last week, following Ukrainian attacks on Russia’s energy infrastructure that reduced the country’s fuel exports.

Russia bombed Kyiv and other parts of Ukraine early yesterday morning in one of the fiercest attacks on the capital since the start of the full-scale war.