OPEC July output rises 1.17 million bpd to 19.85 million bpd

OPEC's 11 remaining members raised production to 19.85 million barrels per day in July, up 1.17 million bpd from June, according to a Reuters survey published around August 10. The increase marked a significant rebound from May 2026, when the group's output fell to its lowest level since at least 2000. Much of the recovery came from Gulf producers restoring supplies disrupted by the regional conflict and the effective blockade of the Strait of Hormuz (key Gulf oil shipping route) earlier in 2026. Iraq posted the largest increase within OPEC, with Kuwait and Libya also lifting output, while Saudi Arabia recorded a slight decline from June. Even so, actual production remained below levels implied by OPEC+'s approved 188,000 bpd quota increase for seven core members, as logistics problems, damaged infrastructure and geopolitical tensions continued to constrain supply. Iran remained a major gap in the recovery, with output still roughly 25% below pre-war levels after the U.S. reimposed restrictions in mid-July on port activities tied to Iranian oil shipments. The UAE's departure has left OPEC with 11 members, altering internal quota allocations and compensation mechanisms.

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