Opec crude oil production rose to a three-month high of 19.28mn b/d in June (see table 1), bouncing back from the historic lows caused by the Middle East conflict. Despite the 2.55mn b/d increase, production remained down 5.49mn b/d year-on-year, reflecting the uncertain status of the Strait of Hormuz amid the fragile US-Iran ceasefire.
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