Shipping in the Strait of Hormuz is disrupted, OPEC+ crude oil production increases moderately

(1) In July, OPEC+ crude oil production rose for the second consecutive month, but the rebound was weaker than in June due to the continued disruption of shipping in the Strait of Hormuz. (2) The total crude oil output of all 21 member countries (including those not participating in production cuts) in July was 32.70 million barrels per day, an increase of 1.28 million barrels per day compared to June. (3) The current output is still 5.55 million barrels per day lower than the level in February, reflecting the ongoing suppression of supply caused by geopolitical factors.