OPEC crude production rose by about 400,000 barrels per day (bpd) in August, reaching 28.55 million bpd, according to a Bloomberg survey published on Wednesday. Saudi Arabia led the gains, restoring barrels previously held back under voluntary cuts. Nigeria and the United Arab Emirates also posted notable increases, while Libya managed modest additions as security conditions improved around key terminals.
The output boost comes just days before OPEC+ ministers convene for their September 7 meeting, where discussions could include an additional supply increase beyond the already scheduled rollback of voluntary curbs. The speculation pressured crude futures earlier this week, with Brent sliding as traders digested reports of a potential ramp-up.
At 4:01 p.m. WAT on Wednesday, Brent crude was trading down 2.17% at $67.64 per barrel, while West Texas Intermediate (WTI) slipped 2.42% to $64.00 per barrel following the release of the Bloomberg survey.
The figures underscore market sensitivity to production shifts, particularly as inventories in the U.S. and Europe remain above seasonal norms.
Internal dynamics remain a focus for the group. Kazakhstan raised output by more than 2% month-on-month, stretching beyond its quota, while Iraq lifted exports despite disputes with the Kurdistan Regional Government—highlighting the challenge of compliance as higher prices encourage members to pump more.
With roughly 1.65 million bpd of voluntary curbs still in place, mostly from Saudi Arabia and Russia, the alliance retains a significant buffer. The upcoming meeting will revisit how quickly those barrels could return to market and whether reallocation across members is necessary.