- WTI dipped below $95/Bbl Tuesday morning amid political turmoil in Iraq
- Oil prices fell by nearly 2.5% after touching a four-week high of $97.66/Bbl yesterday
- Iraq announced a nationwide curfew after violent protests in Baghdad yesterday
- Violent protests broke out in Baghdad, Iraq after well-known cleric Muqtada al-Sadr announced his withdrawal from politics yesterday (BBG)
- Iraq's oil exports are continuing uninterrupted amid violence in the country, said Alaa Al-Yassiri, director general of state-run oil company SOMO
- He added that the nation has the capacity to increase oil exports to all destinations, and it won't refuse any requests for more oil
- He also indicated that Iraq plans to export 3.35 MMBbl/d of oil from the south and between 0.075-0.90 MBbl/d of oil from the north in August
- Nigeria, Africa's largest crude producer, saw its output fall to 1.43 MMBbl/d in the three months through June, the lowest quarterly production since 2016 (BBG)
- Nigeria has experienced its fifth consecutive quarter of decreased output due to widespread theft and vandalism
- The situation worsened at the beginning of the third quarter, with July's output dropping to 1.2 MMBbl/d, the lowest level in more than three decades
- That is far less than the 1.799 MMBbl/d Nigeria was allowed to produce that month as part of the OPEC+ quota agreement