OPEC oil output rises further in July led by Gulf producers

OPEC oil ​output rose further in July, a Reuters survey ‌found, as Gulf members restored supplies that were shut due to the Iran war and effective closure of the Strait of Hormuz.

Output by the ​11-member Organization of the Petroleum Exporting Countries rose by ​1.17 million barrels per day month-on-month to 19.85 million ⁠bpd, the survey found.

That extended the recovery from May, which was ​the lowest monthly figure since at least 2000, according to ​Reuters surveys, and also well below the levels seen during the COVID-19 pandemic in 2020 when demand collapsed.

The figures exclude the United Arab Emirates, which ​quit OPEC on May 1.

Iraq had the biggest increase, the ​survey found, followed by Kuwait. Iran also boosted exports although the resumption ‌of ⁠a U.S. blockade on Iranian ports in mid-July slowed shipments again. Saudi supply was slightly lower, the survey found.

Libya, whose shipments are not affected by the U.S.-Israeli war with Iran, also ​pumped more.

Seven members ​of the ⁠OPEC+ producer group, which includes allies such as Russia, had agreed to increase production in ​July, but the Middle East conflict made that ​impossible.