OPEC's 11 remaining members pumped 19.85 million barrels per day in July, a 1.17 million bpd jump from June, as Gulf producers restarted output halted by this year's conflict. Iran, however, remains roughly a quarter below its pre-war production level after the US reimposed restrictions on its oil ports in mid-July.
OPEC's 11-member group added 1.17 million barrels per day in July, according to a Reuters survey published around August 10. That brought the group's combined output to 19.85 million bpd. That marks a recovery from May 2026, when OPEC output hit its weakest point since at least the year 2000. But the rebound comes with a caveat: Iran is still pumping about 25% below where it stood before the US-Israel-Iran conflict reshaped the region's energy landscape.
Iraq drives the rebound
Gulf producers resumed supplies that had been disrupted by the conflict and the earlier blockade of the Strait of Hormuz. Iraq logged the largest single-country production increase within OPEC during the month, while Kuwait and Libya also contributed to the group's gains. Saudi Arabia, by contrast, saw a slight dip in production compared with June.
Quotas outrun actual supply
OPEC+ had formally approved a quota increase of 188,000 bpd for seven of its core member countries, but logistical challenges, damaged infrastructure, and ongoing geopolitical friction have kept actual supply well below what the quota math would suggest is possible.
Iran's window closes again
Iran's oil exports picked up briefly during the early stages of the regional recovery. Then, in mid-July, the US reimposed restrictions on port activities connected to Iranian oil shipments, and the brief export window shut. The result is a production profile that sits roughly a quarter below pre-war levels. The UAE's departure has also left the group operating with 11 members, changing how quota allocations and compensation mechanisms work internally.
Source: Crypto Briefing
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