Crude oil and gasoline prices are down, with gasoline hitting a 2-week low due to the potential for increased Iraqi crude exports. The outlook for larger exports from Iraq may prompt Saudi Arabia to boost its exports, exacerbating the global oil supply glut. However, losses are limited by a weaker dollar and a bullish economic outlook.

Iraq plans to resume oil exports from its Kurdish region, with expectations to supply 230,000 bpd of crude. Crude prices also have support from EU sanctions on Russian crude exports. OPEC+ agreed to increase production by 548,000 bpd in August to reverse a 2-year production cut.

OPEC+ is considering pausing production increases after September due to concerns about slowing global oil demand. A decrease in crude stored on tankers and a drop in US crude inventories are bullish for oil prices. US oil rigs decreased to a new 3.75-year low of 422 rigs.

On July 10, Bloomberg reported that OPEC+ may pause production increases after September to prevent a supply glut. The International Energy Agency warned of a potential surplus in Q4-2025. Vortexa reported a decrease in crude stored on tankers, while US crude inventories fell in the latest EIA report. Baker Hughes reported a decrease in active US oil rigs to a new low.

Read more at Yahoo Finance: Crude Oil Prices Pressured by Concerns of Oversupply