Saudi Arabia boosts July crude output

Saudi Arabia's crude oil production increased by 590,000 barrels per day in July 2026, reaching 7.352 million barrels per day, compared to 6.762 million barrels in June. This rise is attributed to increased production to meet both domestic and global demand. Additionally, Saudi Arabia recorded a rise in the overall annual average production for 2025 to 9.471 million barrels per day, up from 8.978 million barrels in 2024. Overall, OPEC's production grew by 1.659 million barrels per day in July, with a significant surge in Iraq's output, which reached 2.621 million barrels per day, compared to 1.957 million barrels the previous month. On the other hand, the production of some non-OPEC countries such as Kazakhstan and Russia declined, leading to a total global oil production of 37.655 million barrels per day in July 2026.

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