Market Chatter: Kuwait Boosts June Oil Production After US-Iran Peace Deal

() -- Kuwait's crude oil production surged to 1.65 million barrels per day in June, up from 580,000 b/d the previous month, as the OPEC member ramps up exports following a US-Iran peace deal, Reuters reported Thursday, citing industry sources. The increase indicates that oil flows through the Gulf are rebounding after disruptions caused by the Middle East conflict. Cargoes stranded during the conflict are also gradually clearing the Strait of Hormuz, as major Gulf exporters restore production levels. Kuwait Petroleum Corporation did not immediately respond to ' request for comment. Kuwait produced about 2.5 million b/d before Iran effectively closed the Hormuz in late February. The disruption forced Kuwait, alongside other major Gulf producers including Saudi Arabia and Iraq, to slash millions of barrels per day of crude output. Kuwait was among the most severely impacted producers in the region due to its heavy reliance on the strategic waterway for its crude exports. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.).