Saudi Arabia Rebound: Crude Oil Production Surges to 8.2 Million Barrels per Day

Saudi Arabia has reported a significant rebound in its crude oil production to OPEC, according to a recent report. The kingdom told the Organization of Petroleum Exporting Countries that it pumped 8.2 million barrels a day of crude in July, up from 7.1 million a day in the previous month.

This represents an increase of just over 1 million barrels a day, a reflection of the recovery among Persian Gulf producers during a brief ceasefire in the Iran war.

The production levels are still several million below pre-conflict levels, but the news is seen as a positive development for the global oil market.