Saudi Arabia told OPEC it pumped just over 1 million additional barrels per day in July, a direct rebound from the temporary ceasefire in the 2026 Iran conflict. OPEC data shows the cartel’s total production reached 19.85 million barrels per day, up 1.17 million barrels per day month-on-month. At the height of the war, Gulf output had been shut down by an estimated 6 to 10 million barrels per day. Brent crude had surged above $100 per barrel early in the conflict. Analysts suggest a full return to pre-war output levels could take weeks to months, as tanker availability and insurance premiums for Gulf transits remain constrained.
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