OPEC Crude Production Jumps 1.7M BPD in July Amid Global Demand Growth

OPEC's crude oil production rebounded in July, rising by around 1.7 million barrels per day (bpd) from the previous month to a total of about 23.6 million bpd.

The largest increase came from Iraq, whose output rose by 665,000 bpd to around 2.62 million bpd, followed closely by Saudi Arabia, which increased production by 590,000 bpd to 7.35 million bpd.

Kuwait also saw a significant rise in production, increasing output by 393,000 bpd to 1.85 million bpd, while Libya's production rose by 40,000 bpd to around 2.6 million bpd.