2026-07-04T11:53:35+00:00
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Shafaq News- Vienna/ Baghdad
OPEC oil production rose to 19.34 million barrels per day
(bpd) in June, up 3.3 million bpd from the previous month, as Gulf producers
restored supplies after disruptions from the effective closure of the Strait of
Hormuz, a Reuters survey found on Saturday.
Kuwait and Iran recorded the largest production gains
during the month, while Saudi Arabia, Iraq, Nigeria, and Libya also increased
crude supplies. The rebound lifted OPEC’s output from its lowest monthly level
since at least 2000. Even so, production remained well below the group’s target
level of more than 25 million bpd.
Earlier this week, S&P Global Commodity Insights
reported that around 8.3 million barrels of Iraqi crude remain stranded in the
strategic maritime gateway, awaiting shipment.
Iraq, OPEC’s second-largest producer, exports about 95% of
its crude through southern terminals, leaving it particularly vulnerable to
disruptions in Gulf shipping. Eco Iraq, an economic affairs observatory,
estimated that the closure of Hormuz, which carries around 20% of global oil
supplies, had cost the country about 350 million barrels in lost exports by
June 20, equivalent to roughly $37.7 billion in revenue.
The Strait of Hormuz has remained largely closed since Feb.
28 after Iran restricted maritime traffic in response to the US-Israeli war.
Washington and Tehran later agreed to resume shipping under a memorandum signed in Switzerland on June 17.
Read more: No exit but Hormuz: Iraq’s economic vulnerability exposed