OPEC Oil Production Surged Last Month Yet Remains Significantly Below Pre-War Levels

Deep News07-03 23:12

According to a survey, crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) increased significantly last month, following the resumption of exports through the Strait of Hormuz by Gulf member states after a peace agreement was reached between the United States and Iran.

The survey indicates that OPEC's crude output rose by 2.34 million barrels per day to 18.75 million barrels per day, with the primary increases coming from Kuwait, Saudi Arabia, and Iran. Despite this surge, production levels remain notably lower than those seen before the conflict.

When adjusted for the United Arab Emirates' exit from the group, OPEC's June production is still 7.3 million barrels per day below its February level, representing a 28% shortfall.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment