Despite the breakdown of the cease-fire agreement in the Iran war, OPEC+ crude oil production rebounded for the second month in a row in July. The blockage of shipping in the Strait of Hormuz continued to put pressure on production, causing the rebound in July to be more moderate than in June. In July, crude oil production in all 21 OPEC+ member countries totaled 32.7 million b/d, an increase of 1.28 million b/d over June. However, this level is still 5.55 million b/d lower than in February.

Despite the breakdown of the cease-fire agreement in the Iran war, OPEC+ crude oil production rebounded for the second month in a row in July. The blockage of shipping in the Strait of Hormuz continued to put pressure on production, causing the rebound in July to be more moderate than in June. In July, crude oil production in all 21 OPEC+ member countries totaled 32.7 million b/d, an increase of 1.28 million b/d over June. However, this level is still 5.55 million b/d lower than in February.