A Bloomberg survey shows OPEC crude output rose 2.34 mln b/d in June to 18.75
mln b/d as a U.S.-Iran peace accord enabled members to resume exports via the
Strait of Hormuz. Kuwait, Saudi Arabia and Iran posted the largest gains.
Tanker-tracking data indicate Gulf producers had already been clandestinely
moving cargoes through the strait before the accord; the strait was almost
closed in the early stages of the conflict. With the agreement allowing more
open transits, Saudi shipments have recovered to about 90% of normal. After
adjusting for the UAE’s exit, OPEC’s June output remained 7.3 mln b/d below
February levels, a 28% decline.
