Saudi Arabia's Crude Production Surges Amid Ongoing Conflict

Saudi Arabia's crude oil production rebounded by more than 1 million barrels per day (MMbpd) in July, according to a report from the Organization of the Petroleum Exporting Countries.

The kingdom told OPEC that it pumped 8.2 MMbpd of crude in July, up from 7.1 MMbpd in June. This increase is consistent with assessments that Saudi Arabia is adding to its inventories while export routes remain impeded due to the ongoing conflict between Iran and the US.

The International Energy Agency estimated that Saudi domestic crude stockpiles reached their highest level since at least 2016 by early August.