Brent petrol prices continued to fall after Iraq and other OPEC+ countries raised oil production once more. The decision followed a Sunday meeting that reinforced the group’s April strategy to reclaim global market share.
Iraq played a crucial role in this coordinated move. Along with Saudi Arabia, Russia, and five other producers, Iraq supported the output increase. These adjustments aim to boost each member’s share amid stable market conditions.
Brent petrol prices dropped by 40 cents early Monday, reaching $67.57 per barrel. This decline marks the latest fluctuation in a volatile energy market. Despite this, demand trends continue to support price stability.
Meanwhile, West Texas Intermediate (WTI), the U.S. benchmark, also fell by 37 cents. It later recovered slightly, reaching $69.80 per barrel. Yet, Brent petrol prices remain the key reference for Iraq’s oil exports and revenue forecasts.
The OPEC+ group agreed to raise production by 547,000 barrels per day in September 2025. This output level will surpass that of August. For Iraq, the decision represents both a challenge and an opportunity. Increased exports may boost national income, but they could also add pressure on Brent petrol prices.
Since April, Iraq has aligned itself with OPEC+ efforts to abandon output cuts. The new approach focuses on volume, not price. Officials believe this will strengthen Iraq’s position in competitive oil markets.
Analysts suggest summer demand helps prevent a sharp collapse in prices. Rising consumption levels, especially in Asia, are absorbing much of the added supply. This supports Iraq’s strategy of increasing production without triggering major losses.
Sanctions threats from the United States continue to affect the broader oil landscape. Washington warned of 100% tariffs on Russian oil buyers. The U.S. also imposed fresh sanctions on Iranian oil networks. These actions indirectly help Iraq by limiting its competitors.
Overall, Brent petrol prices remain under pressure but have not collapsed. Iraq’s participation in OPEC+ decisions will continue to shape both regional output levels and global pricing. For now, Brent petrol prices reflect a market balancing political risks, demand strength, and rising supply.
