OPEC oil production rose in July thanks to Gulf countries – Bloomberg
Kyiv • UNN
In July, OPEC countries increased oil production by 1.16 million barrels per day, to 19.44 million. The main growth was driven by Iraq, Kuwait, and Saudi Arabia. Supplies remain below the pre-war level due to the war with Iran.
OPEC countries increased crude oil production in July, mainly due to output growth in Saudi Arabia, Iraq, and Kuwait, although supplies remain below pre-war levels because of the war with Iran. This is evidenced by the results of a Bloomberg survey, reports UNN.
Details
According to the agency, production by the countries of the Organization of Petroleum Exporting Countries rose by 1.16 million barrels per day in July, to 19.44 million barrels. Almost all of the increase was provided by three Gulf countries.
Despite the recovery in production, oil exports remain complicated due to the consequences of the war with Iran. Shipping through the Persian Gulf is still operating with disruptions, and routes through the Red Sea are under threat due to attacks by Yemeni Houthis.
Iraq, Kuwait, and Saudi Arabia increased production
Iraq saw the largest increase in production in July, up 460,000 barrels per day, to 2.3 million barrels. According to Bloomberg, the country's exports rose by 37% due to more active loading of tankers at the port of Basra.
Kuwait increased production by 360,000 barrels per day, to 1.57 million barrels. The country stated that this is the highest average production level since the beginning of the conflict.
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Saudi Arabia increased production by 390,000 barrels per day, to 7.4 million barrels. At the same time, this figure is still several million barrels below the pre-war level.
According to Bloomberg estimates, the increase in production is partly explained by the traditional seasonal rise in domestic demand for electricity in Middle Eastern countries, where crude oil is often used to generate electricity during the summer period.