OPEC Output Jumps 1.17M BPD in July as Gulf Producers Restore Supply

OPEC's total oil production saw a significant increase of 1.17 million barrels per day in July, hitting 19.85 million bpd, according to a Reuters survey. This rise, extending monthly increases for the second consecutive month, was primarily driven by Gulf producers restoring output that was previously shut in for three months due to the closed Strait of Hormuz. Increased oil supply could potentially ease global crude prices, which might offer some relief to Pakistan's import bill and inflation, indirectly influencing USD/PKR stability.

بحوالہ / Source: oilprice.com