OPEC increased crude production by 400,000 barrels per day in August to 28.55 million barrels per day as the group continued restoring halted supply, a Bloomberg survey shows.
Saudi Arabia drove just over half the gain, lifting output by 230,000 b/d to 9.6 million b/d—still below its 9.756 million b/d OPEC+ allowance for the month. Iraq posted the next-largest rise, up 120,000 b/d to 4.28 million b/d, about 109,000 b/d above its quota.
Saudi crude exports edged lower to 5.83 million b/d based on tanker tracking, with higher summer domestic demand absorbing barrels. Saudi production has whipsawed in recent months—surging in June during the Israel–Iran conflict, then retreating in July after estimates were revised down.
Across the five OPEC members with voluntary cuts, output averaged 20.87 million b/d in August, roughly 205,000 b/d above their collective target.
Brent is down 9% year-to-date near $68 per barrel, a consumer tailwind that tightens margins for producers including Saudi Arabia and US shale operators.
OPEC+ last month approved a 547,000 b/d increase for September to finish returning the 2.2 million b/d kept offline since 2023. Ministers meet by video on Sunday to review market conditions and could also discuss a separate 1.66 million b/d tranche currently slated to remain offline through year end-2026.
Information for this story was found via Financial Post and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
