Oil prices fell on Tuesday as expectations of another OPEC+ production increase and the resumption of oil exports from Iraq’s Kurdistan region through Turkey fueled forecasts of a near-term supply surplus.

Brent crude futures for November delivery, expiring Tuesday, dropped 47 cents, or 0.69%, to $67.50 a barrel by 0012 GMT.

The most active December contracts fell 43 cents, or 0.64%, to $66.66.

U.S. West Texas Intermediate (WTI) crude traded at $63.05 a barrel, down 40 cents or 0.63%.

These declines followed Monday’s drop when both Brent and WTI fell more than 3% at settlement, marking their largest daily losses since early August 2025.

IG analyst Tony Sycamore said in a note that the decline was due to the resumption of crude exports from Iraq’s Kurdistan region and reports suggesting OPEC+ would approve a production increase for November at its meeting next week.

Three informed sources indicated the alliance is likely to approve another crude output increase of at least 137,000 barrels per day at its Sunday meeting.

Mariex analyst Ed Meir said, “Although OPEC+ is already pumping below its quota, the market does not seem to like the fact that more oil is coming.”

Meanwhile, the Iraqi Oil Ministry said crude flowed on Saturday through a pipeline from Kurdistan in northern Iraq to Turkey for the first time in two and a half years, breaking a temporary deadlock agreement.

The market has been cautious in recent weeks, balancing supply risks mainly from Ukrainian drone attacks on Russian facilities against concerns over rising supply and weak demand.

U.S. President Donald Trump secured Israeli Prime Minister Benjamin Netanyahu’s approval for a U.S. peace proposal in the Gaza Strip, but Hamas’s stance remains uncertain.