Saudi Arabia submitted data to OPEC showing that crude oil production surged by one-third last month, rebounding from the lowest level in more than 30 years. According to the OPEC Secretariat's monthly report, Riyadh reported a daily increase of about 2 million barrels of crude oil production to the organization, reaching 8.372 million b/d, but this production level is still significantly lower than before the outbreak of the Iranian conflict. Oil exports to the Middle East rebounded to pre-war levels last month as Middle Eastern oil producers tried to increase the capacity of the Hormuz Strait, the main gateway. Previously, a key oil pipeline was attacked by the Houthis in Yemen. The pipeline could divert crude oil exports to the Red Sea, but now Saudi Arabia has restored the pipeline's transportation capacity. At present, it is unclear whether the restoration of this ship's production capacity can withstand the impact of the recent increase in Iranian attacks on waterway tankers and the escalation of the Houthi armed conflict. The report shows that OPEC fell short of expectations for global oil demand growth this year to only 200,000 b/d. This reduction is mainly due to a reduction in US demand estimates.

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