OPEC Gulf countries increase oil production to ease market tensions

OPEC crude production rose to a two-year high last month as Gulf countries fulfilled their pledge to increase production to ease supply constraints on global markets
.

OPEC's crude oil production rose by 270,000 barrels per day in July, with about two-thirds of the new output coming from Saudi Arabia
, according to a Bloomberg survey.

OPEC and its partners have agreed to accelerate the restart of capacity that was halted during the remaining pandemic as peak summer demand and global production disruptions caused fuel prices to rise to levels
that threatened the global economy.
The coalition will meet Wednesday to consider its next steps
.

While U.
S.
President Joe Biden said he expected "further action" after visiting Saudi Arabia last month, Riyadh has been cautious
.
Several OPEC+ representatives said the organization may decide this week to keep September production stable, keeping spare capacity in case of emergency
.

The Bloomberg survey shows that Middle Eastern member states have done their best to help
.

Saudi Arabia's production rose by 180,000 bpd in July to 10.
78 million bpd, the highest level since April 2020 and a rare level
in decades.

The survey showed that the UAE and Kuwait also increased production
.
Abu Dhabi raised output to 3.
24 million b/d, 113,000 b/d
above the OPEC+ deal allows.

Bloomberg's survey is based on ship tracking data, information provided by officials and estimates
from consulting firms such as Rystad Energy AS, Kpler Ltd.
and apidan Energy Group.