OPEC Oil Production Increases in July Amid Gulf Country Contributions
OPEC's oil production rose by 1.16 million barrels per day in July, reaching a total of 19.44 million barrels per day. This increase was primarily driven by Iraq, Kuwait, and Saudi Arabia. Iraq saw the largest production increase, adding 460,000 barrels per day, while Kuwait and Saudi Arabia increased their outputs by 360,000 and 390,000 barrels per day, respectively. Despite this growth, production levels remain below pre-war figures due to ongoing disruptions in shipping caused by the conflict with Iran. The war has complicated oil exports, with shipping through the Persian Gulf facing disruptions and routes through the Red Sea threatened by Yemeni Houthi attacks.