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Shafaq News- Vienna\/ Baghdad<\/p>\n
OPEC oil production rose to 19.34 million barrels per day
\n(bpd) in June, up 3.3 million bpd from the previous month, as Gulf producers
\nrestored supplies after disruptions from the effective closure of the Strait of
\nHormuz, a Reuters survey found on Saturday.<\/p>\n
Kuwait and Iran recorded the largest production gains Earlier this week, S&P Global Commodity Insights Iraq, OPEC’s second-largest producer, exports about 95% of The Strait of Hormuz has remained largely closed since Feb.
\nduring the month, while Saudi Arabia, Iraq, Nigeria, and Libya also increased
\ncrude supplies. The rebound lifted OPEC’s output from its lowest monthly level
\nsince at least 2000. Even so, production remained well below the group’s target<\/a>
\nlevel of more than 25 million bpd.<\/p>\n
\nreported<\/a> that around 8.3 million barrels of Iraqi crude remain stranded in the
\nstrategic maritime gateway, awaiting shipment.<\/p>\n
\nits crude through southern terminals, leaving it particularly vulnerable to
\ndisruptions in Gulf shipping. Eco Iraq, an economic affairs observatory,
\nestimated that the closure of Hormuz, which carries around 20% of global oil
\nsupplies, had cost the country about 350 million barrels in lost exports by
\nJune 20, equivalent to roughly $37.7 billion in revenue.<\/p>\n
\n28 after Iran restricted maritime traffic in response to the US-Israeli war.
\nWashington and Tehran later agreed to resume shipping under a memorandum<\/a> signed in Switzerland on June 17.<\/p>\n