(Bloomberg) \u2013 Saudi Arabia reported to OPEC that it increased crude oil production by just over 1 million barrels a day (MMbpd) last month, a reflection of the recovery among Persian Gulf producers during a brief ceasefire in the Iran war.<\/p>\n
The kingdom told the group it pumped 8.2 MMbpd of crude in July, up from 7.1 MMbpd in the previous month, according to a report from the Organization of the Petroleum Exporting Countries seen by Bloomberg on Wednesday. That\u2019s still several million below pre-conflict levels.<\/p>\n
It\u2019s also about 780,000 bpd higher than the volume it reported having supplied to the market, consistent with assessments that the kingdom is adding to inventories while export routes remain impeded. The International Energy Agency estimated in a report that Saudi domestic crude stockpiles reached the highest since at least 2016 by early August.<\/p>\n
The collapse of the ceasefire and renewed hostilities between the U.S. and Iran has imperiled two of Saudi Arabia\u2019s main export channels\u2014the Strait of Hormuz in the Persian Gulf and the Bab el-Mandeb Strait in the Red Sea\u2014though Middle East producers are still quietly shuttling considerable volumes out of the region.<\/p>\n
Among the seven OPEC members that directly reported production figures to the group\u2019s secretariat, output increased by 1.88 MMbpd, with the majority of the increase coming from Iraq and Saudi Arabia.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) \u2013 Saudi Arabia reported to OPEC that it increased crude oil production by just over 1 million…\n","protected":false},"author":2,"featured_media":169204,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[26],"tags":[9990,409,1825,196,5989,12280,899,2480,1873,42799,39,50,9147,47730,19693,101],"class_list":["post-246185","post","type-post","status-publish","format-standard","has-post-thumbnail","category-persian-gulf","tag-bab-el-mandeb","tag-crude-oil","tag-global-oil-market","tag-iran-war","tag-iraq-oil-production","tag-middle-east-oil","tag-oil-production","tag-oil-supply","tag-opec","tag-opec-production","tag-persian-gulf","tag-saudi-arabia","tag-saudi-crude-production","tag-saudi-oil-exports","tag-saudi-oil-production","tag-strait-of-hormuz"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117082793100947336","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/246185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=246185"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/246185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/169204"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=246185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=246185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=246185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}