Global Oil Supply Sees Boost with Strait of Hormuz

The International Energy Agency (IEA) has reported that the resumption of oil flow through the Strait of Hormuz has led to a partial recovery in production in the Gulf region. This development resulted in a daily increase of approximately 4.1 million barrels in global oil supply in June. According to the IEA's Oil Market Report, despite this increase, global oil production remains below pre-US/Israel-Iran War levels. The report notes that the Gulf countries have partially resumed production, leading to a daily increase of approximately 3.5 million barrels in oil supply from the Gulf in June. This increase is part of efforts to alleviate imbalances in the oil market. The production of the OPEC+ group also saw an increase of approximately 2.45 million barrels per day, reaching 38.39 million barrels per day. Saudi Arabia and Kuwait played significant roles in this increase. The supply from non-OPEC+ countries rose by approximately 1.63 million barrels per day to 60.37 million barrels per day, with the United Arab Emirates contributing the largest share. Consequently, global oil supply rose by approximately 4.1 million barrels per day in June compared to the previous month, reaching 98.76 million barrels per day. This development is seen as a crucial factor that could influence the future trajectory of oil prices.