16:38 - 12.08.2026

---

August 12, Fineko/abc.az. According to the International Energy Agency's (IEA) monthly report, crude oil production by the OPEC+ alliance rose by 1.78 million barrels per day (bpd) month-on-month in July, reaching 40.75 million bpd.

Despite attacks in the Black Sea disrupting Kazakh production and exports, overall alliance output expanded. Non-OPEC+ supply increased by 590,000 bpd to 60.75 million bpd, largely driven by Qatar's supply recovery following a brief de-escalation between the US and Iran.

Key Highlights:

• Country Production: Saudi Arabia’s output increased by 900,000 bpd to 8.24 million bpd, while Russia’s output rose by 100,000 bpd to 8.76 million bpd.

• Geopolitical Risks: Renewed tensions, the breakdown of US-Iran understandings, and Houthi attacks targeting Saudi energy infrastructure continue to threaten Gulf supply recovery. Around 8.3 million bpd of production remains shut in across the Gulf region.

• Forecast Revisions: Due to escalating conflicts and maritime disruptions in July and early August, the IEA revised its Q3 global oil supply forecast downward by 1.7 million bpd compared to last month’s report.

•