OPEC's oil production increased last month, mainly due to increased output from Gulf countries

According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) further recovered some of the losses suffered during wartime last month, with increased production from Kuwait, Saudi Arabia, and Iraq. However, the lack of transparency in shipping data has complicated the tracking of the organization's output.

The survey shows that OPEC's crude oil production increased by 1.16 million barrels per day in July, averaging 19.44 million barrels per day, with almost all of the increase coming from the aforementioned three Gulf countries. However, due to the ongoing disruptions in shipping in the Persian Gulf caused by the Iran war, and the continued risks in the Red Sea transport, OPEC's overall production remains significantly below pre-war levels.

Another reason for the production increase in July may be the rise in domestic consumption. Middle Eastern oil-producing countries typically increase production in the summer to meet the surge in demand for air conditioning, with some crude oil being used directly for power generation.

The survey indicates that Iraq was the country with the largest increase in OPEC production in July, with daily output rising by 460,000 barrels to 2.3 million barrels. Kuwait's production increased by 360,000 barrels per day, averaging 1.57 million barrels per day.

The situation for Saudi Arabia, the actual leader of OPEC, is more complex.

The survey shows that Saudi Arabia's daily production increased by 390,000 barrels in July to 7.4 million barrels, but it is still several million barrels below pre-war levels. Meanwhile, Saudi crude oil exports are under pressure due to threats from Iran-backed Houthi forces to tankers transporting oil via the Red Sea route