🔺International Energy Agency reports continued increase in Middle East oil production

▪The International Energy Agency reported an increase in oil production in the Gulf countries in the past month. The report says that daily oil production in the Gulf countries rose by about 3.7 million barrels in June, and that the previous month again saw an increase of 2.5 million barrels.

▪According to this report, the Gulf countries collectively produced nearly 24 million barrels of oil per day during July, but this figure still remains 8.3 million barrels lower than the period before the Islamic Republic’s closure of the Strait of Hormuz.

▪Iran’s oil production in the past month increased by 330,000 barrels to reach 2.65 million barrels per day, but it can still be found 1 million barrels below the level of March.