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Market Chatter: Saudi Boosted Crude Output by 1 Million b/d in July

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Saudi Arabia told OPEC it increased crude oil production by over 1 million barrels a day in July as Persian Gulf producers recovered during a brief ceasefire in the Iran conflict, Bloomberg reported on Wednesday.

The country reportedly said it produced 8.2 million b/d, up from 7.1 million in June. However, output remains well below pre-conflict levels.

US-Iran tensions threaten Saudi exports through the Hormuz and Bab el-Mandeb straits, but regional producers are quietly moving large volumes of oil, Bloomberg said.

The Saudi Arabian Ministry of Energy and OPEC did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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