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OPEC increases July oil output
A recent survey showed that OPEC's production in July increased by 1.17 million barrels per day, reaching 19.85 million barrels. This rise followed the comeback of Gulf countries in resuming supplies that had been previously halted due to regional conflicts and the closure of the Strait of Hormuz. Iraq experienced the largest increase among the member countries, followed by Kuwait, while Saudi Arabia experienced a slight decrease. Meanwhile, Libya increased its production as it remains far from military areas in the Gulf. Although seven members agreed to boost output, regional conflicts prevented achieving the full targeted increases. This rise contributes to the recovery of the production system after reaching its lowest level since 2000 in May.
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