Shafaq News- Vienna/ Baghdad
OPEC oil production rose to 19.34 million barrels per day(bpd) in June, up 3.3 million bpd from the previous month, as Gulf producersrestored supplies after disruptions from the effective closure of the Strait ofHormuz, a Reuters survey found on Saturday.
Kuwait and Iran recorded the largest production gainsduring the month, while Saudi Arabia, Iraq, Nigeria, and Libya also increasedcrude supplies. The rebound lifted OPEC's output from its lowest monthly levelsince at least 2000. Even so, production remained well below the group's targetlevel of more than 25 million bpd.
Earlier this week, S&P Global Commodity Insightsreported that around 8.3 million barrels of Iraqi crude remain stranded in thestrategic maritime gateway, awaiting shipment.
Iraq, OPEC's second-largest producer, exports about 95% ofits crude through southern terminals, leaving it particularly vulnerable todisruptions in Gulf shipping. Eco Iraq, an economic affairs observatory,estimated that the closure of Hormuz, which carries around 20% of global oilsupplies, had cost the country about 350 million barrels in lost exports byJune 20, equivalent to roughly $37.7 billion in revenue.
The Strait of Hormuz has remained largely closed since Feb.28 after Iran restricted maritime traffic in response to the US-Israeli war. Washington and Tehran later agreed to resume shipping under a memorandum signed in Switzerland on June 17.
: No exit but Hormuz: Iraq's economic vulnerability exposed
