Gulf countries' oil supplies recovered relatively in July

OPEC’s production rose in July as Gulf states resumed supplies disrupted by the US-Israeli war with Iran and the closure of the Strait of Hormuz.

Production continued its recovery from its lowest monthly level since at least 2000, recorded in May.

Reuters added that Iraq recorded the largest production increase, followed by Kuwait, while Iran’s exports also rose, although Iranian shipments slowed again after the US reimposed a blockade on its ports in mid-July.

It noted that supplies from Saudi Arabia declined slightly, while Libya increased its production, unaffected by the war raging in the Gulf region.