OPEC Oil Production Rises in July as Gulf Countries Contribute

OPEC countries increased crude oil production in July by 1.16 million barrels per day to 19.44 million barrels, according to a Bloomberg survey.

The rise was mainly due to output growth in Saudi Arabia, Iraq, and Kuwait.

Iraq saw the largest increase, with production rising by 460,000 barrels per day to 2.3 million barrels, while exports increased by 37% thanks to more active loading of tankers at the port of Basra.

Kuwait's production also rose significantly, up by 360,000 barrels per day to 1.57 million barrels, with the country stating this is its highest average production level since the conflict began.