OPEC boosts July oil output
Recent survey data showed that OPEC's production in July increased by 1.17 million barrels per day to reach 19.85 million barrels. This rise resulted from Gulf countries resuming supply flows that had been halted due to regional conflict and the closure of the Strait of Hormuz. This rebound helped restore production levels that had fallen to their lowest point since 2000 in May. The data indicate that Iraq was the largest contributor to the production increase, followed by Kuwait, while Saudi exports declined and Libya's supplies continued to rise. On the broader OPEC+ alliance level, there was a previous agreement to increase production, but regional conflict prevented the full implementation of these targets.
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