Decline in oil output in Middle East amounts to 8.3 mbd in June — US Department of Energy

Decline in oil output in Middle East amounts to 8.3 mbd in June — US Department of Energy Despite the projected rise in oil production and exports from the Middle East in the coming months, it will take time to replenish significantly depleted global oil stocksMOSCOW, July 7. /TASS/. Oil production in Middle Eastern countries fell by 8.3 mln barrels per day (mbd) in June, following a peak production cut of 11.2 mbd in May. Global oil production is expected to return to pre-conflict levels by the end of the year as tensions in the Middle East subside, according to a report by the US Energy Information Administration (EIA). It also expects oil production and trading volumes to return to pre-conflict levels by the end of the year, and the majority of the curtailed production to resume in the first quarter of 2027. Despite the projected rise in oil production and exports from the Middle East in the coming months, it will take time to replenish significantly depleted global oil stocks and fully restore production in the region, the report said. Global oil inventories fell by around 5.1 mbd in the second quarter and will drop by another 2.2 mbd in the third quarter, according to the EIA. Following this initial adjustment period, which will last through most of the third quarter, oil markets are expected to return to the pre-conflict state of oversupply. 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