Kuwait, Saudi Arabia, and Iran increase oil output sharply - report

OPEC’s crude oil production surged last month as Persian Gulf members restored exports through the Strait of Hormuz amid a peace accord between the U.S. and Iran.

Output from the OPEC rose by 2.34 million barrels a day to 18.75 million a day, with the gains driven by Kuwait, Saudi Arabia and Iran, Bloomberg reported.

The uptick in supply is creating a surplus in parts of the market, erasing crude’s wartime rally and raising the question of whether OPEC nations will need to compete for customers. The rebound still leaves production considerably below prewar levels.

OPEC’s crude oil production surged last month as Persian Gulf members restored exports through the Strait of Hormuz amid a peace accord between the U.S. and Iran.