Saudis Report Million-Barrel Output Rebound in July to OPEC

Saudi Arabia reported to OPEC a crude oil production increase of over 1 million barrels per day in July, following a brief ceasefire in the Iran war. Conversely, Russia's crude-only production fell nearly 1 million barrels per day below its OPEC+ quota during the same period. This decline resulted from almost daily Ukrainian attacks on Russian oil infrastructure, highlighting significant vulnerabilities in energy systems and impacting global oil markets amid ongoing geopolitical tensions and instability.