OPEC+ Oil Production Surges in July Amid Geopolitical Tensions

Oil production by OPEC+ countries increased in July, reaching 40.75 million barrels per day (bpd), according to a report from the International Energy Agency (IEA). This represents a month-on-month rise of 1.78 million bpd.

Despite disruptions caused by attacks in the Black Sea affecting Kazakh production and exports, overall OPEC+ output expanded. Non-OPEC+ supply also increased, rising by 590,000 bpd to 60.75 million bpd, largely due to Qatar's supply recovery following a brief de-escalation between the US and Iran.

Saudi Arabia saw its output increase by 900,000 bpd to 8.24 million bpd, while Russia's output rose by 100,000 bpd to 8.76 million bpd. However, tensions in the region remain high, with renewed conflicts and maritime disruptions threatening Gulf supply recovery.