Saudi Oil Production Surges by Over 1 Million Barrels Amid Ongoing Conflict
The Organization of the Petroleum Exporting Countries (OPEC) has reported that Saudi Arabia's crude oil production rebounded by over 1 million barrels per day (MMbpd) in July, according to a recent report from OPEC seen by Bloomberg. This increase reflects the recovery among Persian Gulf producers during a brief ceasefire in the Iran war.
The kingdom told OPEC that it pumped 8.2 MMbpd of crude in July, up from 7.1 MMbpd in the previous month. Despite this rise, Saudi production remains several million barrels below pre-conflict levels.
The increase in production is also evident among other OPEC members, with a collective output rise of 1.88 MMbpd, led by Iraq and Saudi Arabia. This surge comes despite ongoing hostilities between the US and Iran that have imperiled two of Saudi Arabia's main export channels: the Strait of Hormuz in the Persian Gulf and the Bab el-Mandeb Strait in the Red Sea.