OPEC Crude Oil Production Surges 2.34M Barrels Per Day in June Amid U.S.-Iran Peace Deal

According to Bloomberg, OPEC crude oil production increased by 2.34 million barrels per day in June to 18.75 million bpd, driven by supply restorations following a U.S.-Iran peace agreement that reopened Persian Gulf exports through the Strait of Hormuz. Kuwait, Saudi Arabia, and Iran accounted for the majority of the production gains.

Excluding the impact of the UAE's departure from the organization, OPEC's June output remained 7.3 million barrels per day below February levels, representing a 28 percent decline.

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