OPEC+ Oil Production Surges on Saudi Boost

OPEC+ oil production surged in July to 40.75 million barrels per day, according to the International Energy Agency (IEA). This increase of approximately 1.78 million barrels per day from June is largely due to Saudi Arabia's boosted output, which rose by about 900,000 barrels per day to 8.24 million barrels per day.

Russia's oil production also increased by around 100,000 barrels per day to 8.76 million barrels per day. However, supply from countries outside the OPEC+ group grew more modestly by approximately 590,000 barrels per day to 60.75 million barrels per day.

Despite these gains, global oil supply is expected to average only 102 million barrels per day this year, down 4.3 million barrels per day from last year's levels due to ongoing disruptions and conflicts in the region.