Northern Iraq Oil Exports Resumed: Fluctuation in Markets!

Petrol prices fell on the first trading day of the week due to supply concerns. This development is linked to the Kurdistan Regional Government of Northern Iraq restarting oil exports via the pipeline to Turkey's Ceyhan Port after approximately 2.5 years. At the same time, OPEC+'s plan to increase production in November became another factor causing apprehension in the market.

Brent crude oil futures fell 40 cents, or 0.57 percent, to $69.73 per barrel. On the other hand, US West Texas Intermediate (WTI) lost 43 cents, or 0.7 percent, dropping to $65.29. These declines led to most of Friday's gains being reversed and caused concern in the markets.

Recently, expectations of an increase in oil supply and the resumption of imports from Northern Iraq have heightened uncertainties in the market. However, experts state that this fluctuation in the supply-demand balance may be temporary and the market could recover within its own dynamics.

These developments in distribution and logistics have also brought Turkey's strategic position in oil trade to the forefront. The reactivation of Ceyhan Port could play an important role in regional energy imbalances.

Fluctuations in oil prices attract attention with their repercussions on the world economy. Countries with high energy dependency, in particular, will have to increase their sensitivities towards such developments. Experts agree that the continuity of import and export balances can have significant effects on the course of global oil prices.