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August WTI crude oil is down -0.27 (-0.40%) to $67.65, and August RBOB gasoline is down -0.0194 (-0.90%) to $2.11, marking a two-week low for gasoline. Factors include expectations of increased crude exports from Iraq, aiming to supply 230,000 bpd once the Iraq-Turkey pipeline resumes operations after halting since March 2023. This potential boost in supply may lead to Saudi Arabia increasing its crude exports as well.
OPEC+ plans to increase production by 548,000 bpd starting August 1, exceeding prior expectations, contributing to a growing concern over a global oil supply glut. Recent data shows a 14% week-over-week decrease in crude oil held on stationary tankers and a -3.859 million bbl decline in U.S. crude inventories for the week ending July 11. Active U.S. oil rigs dropped by 2 to a 3.75-year low of 422 rigs.
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