Oil prices remain on Tuesday, after more than 3% reduced at Monday’s meeting, as OPEC+ is expected to make a new increase in production in the coming months, while Iraq again started exports after more than two years.

November’s November delivery contract, expiring Tuesday, declined 1.18 dollar or 1.77% to $ 65.92 a barrel, while US crude West Texas Intermediate, delivery next month, loses $ 1.12 or $ 1.77% and is $ 62.33.

Yesterday, crude prices were loss of more than 3%, marking one of the largest daily fall since August 1st.

Pressures on oil prices have increased after OPEC+ sources implied that the cartel would proceed with yet another increase in its production at the forthcoming meeting of its members on Sunday, October 5, according to PVM analyst Tamas Varga.

According to sources that know about discussions within OPEC+, the countries of the exporting organization of oil producers and their allies, including Russia, will probably approve another increase in its production by at least 137,000 barrels a day.

“Although (OPEC+) is under its quota anyway, it seems that the market is still not thrilled by the fact that more oil is available,” adds Marex analyst Ed Meir.

This is because the exports of crude through a pipeline to Turkey from the semi -autonomous area of ​​Kurdistan in northern Iraq have started again on Saturday, for the first time in 2.5 years, following the interim agreement reached, the Petroleum Ministry announced.

Iraq export re -exports will add up to 190,000 barrels a day to the market, according to Iraqi oil minister, Hayan Abdul Ghani, which raised concerns about over -supply. The International Energy Agency also provides for a record of over -supply next year, as OPEC+ continues to increase production.

Analysts and investors’ reservation has also been reinforced by the possible risk of stopping the US government, which is also expected to hurt demand, ANZ analysts said in a note on Tuesday.