OPEC: Oil production jump in regional countries, except Iran

A new OPEC report shows that while oil production in Saudi Arabia, Kuwait, and Iraq has surged over the past month, Iran’s oil production has experienced only a very slight increase.

Total daily oil production from the three Arab countries mentioned over the past month increased by 1 million 640 thousand barrels compared with June, while Iran’s oil production growth was only 26 thousand barrels.

Before the closure of the Strait of Hormuz, about one fifth of the world’s oil consumption passed through this waterway. According to reports, Gulf Arab countries are currently supplying their oil to global markets using various methods, including having ships pass by with their automatic identification systems turned off—an action the Islamic Republic previously used to smuggle its sanctioned oil—or through alternative routes through the Strait of Hormuz in the Sea of Oman and the Red Sea.