Middle East Oil Output Rebounds to 15 Million Barrels Daily After Ceasefire, but New Strikes Reported

com reported. Rystad Energy said two days ago that output should reach pre-war levels three months earlier than its prior forecast. The consultancy attributed the faster pace to progress in peace negotiations.

Reports of new strikes between the United States and Iran emerged after that statement. Rystad Energy nevertheless described the overall mood as optimistic while stressing that uninterrupted navigation through the Strait of Hormuz remains essential for full recovery to February levels.

Shut-in production now stands at 9.6 million barrels per day, down from 11.7 million barrels per day three weeks earlier.

Two million barrels per day have returned online in that period. Rystad Energy expects the volume of shut-in output to fall below 2 million barrels per day by the end of September. The recovery is spread across several countries, with Iran advancing most rapidly because its shut-in period was shorter and upstream damage limited.

Iran’s crude output currently totals 2.4 million barrels per day. The consultancy projects a rise to 3.1 million barrels per day by August and 3.

“Kuwait has already lifted all force majeure notices and is offering July cargoes by tender.