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Updated · Bloomberg · Jul 3OPEC Output Jumps 2.34 Million Bpd as Hormuz Exports Resume
3 articles · Updated · Bloomberg · Jul 3Summary
- OPEC crude production rose by 2.34 million barrels a day in June to 18.75 million barrels a day, a Bloomberg survey showed.
- Hormuz shipments recovered after Persian Gulf members restored exports through the Strait of Hormuz amid a US-Iran peace accord.
- Kuwait, Saudi Arabia and Iran drove the rebound, accounting for the biggest gains in the group’s June output.
- Even after the surge, OPEC production remained considerably below levels seen before the war-related disruption.
Insights
With the UAE's historic exit and Iran's market return, is OPEC on the verge of collapse or a major realignment? The Strait of Hormuz has reopened, but can the fragile US-Iran peace survive ongoing military skirmishes and deep-seated regional rivalries?