OPEC Oil Production Surges by 1.66 Million Barrels per Day in July

OPEC countries' oil production has seen significant growth in July, according to a recent report. The 12 member states of the Organization of the Petroleum Exporting Countries (OPEC) produced 23.63 million barrels per day, an increase of 1.66 million barrels compared to June.

The largest increases in production were recorded in Saudi Arabia (+590,000 barrels per day), Iraq (+665,000 barrels per day), and Kuwait (393,000 barrels per day). This growth is mainly attributed to a partial resumption of shipments through the Strait of Hormuz.

OPEC+ alliance, which consists of 22 countries including Russia, saw oil production rise by 1.42 million barrels per day in July compared to June, driven solely by OPEC member country growth.