OPEC output surges 2.34m bpd in June as Hormuz reopens

Gulf flows normalize swiftly following the US-Iran peace deal, though production remains well below pre-conflict levels. Markets await the cartel's next policy move.

By Handelsavisen Newsroom · Automated 2026-07-03 20:09 UTC · 1 min read

OPEC crude production rebounded sharply in June, rising by 2.34 million barrels per day to reach 18.75 million barrels per day.

The surge follows the reopening of the Strait of Hormuz after a US-Iran peace agreement restored transit through the critical chokepoint.

OPEC members had reported a decline of more than 30% in production during the height of the hostilities, as the closure of the Strait effectively cut off a major artery for global energy trade.

This marks a rapid normalization of Gulf oil flows after months of severe disruption.

The increase reflects the swift resumption of shipping activity in the region.

However, despite the significant monthly gain, output remains substantially lower than levels seen before the conflict began in late February.

OPEC members had reported a decline of more than 30% in production during the height of the hostilities, as the closure of the Strait effectively cut off a major artery for global energy trade.