OPEC oil production surged last month, but remains significantly below pre-U.S.-Iran conflict levels

July 3 news, according to an investigation, after the United States and Iran reached a peace agreement, Persian Gulf member countries resumed exports through the Strait of Hormuz, and the Organization of the Petroleum Exporting Countries (OPEC) saw a significant increase in crude oil production last month. The investigation shows that OPEC crude oil output increased by 2.34 million barrels per day to 18.75 million barrels per day, with the main increase coming from Kuwait, Saudi Arabia, and Iran. Nevertheless, production is still significantly below pre-war levels. If adjusted for the withdrawal of the United Arab Emirates, OPEC's June output is still 7.3 million barrels per day lower than the February level, a decrease of 28%.