OPEC Crude Oil Production Rebounds to 19.43M Barrels per Day in June, Up 3.3M from May Low

According to Reuters, OPEC's crude oil production rebounded sharply in June to 19.43 million barrels per day, up 3.3 million barrels per day from May's multi-decade low. The recovery was primarily driven by Gulf region producers including Kuwait, which showed the largest gains, alongside increased output from Iran, Saudi Arabia, and Iraq. Nigeria and Libya also posted modest production increases. The production rebound follows disruptions from regional conflicts and Strait of Hormuz tensions that had previously halted supplies.
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