Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 478,000 barrels per day (bpd) in August compared to the previous month, reaching around 27.95 million bpd, according to the group's latest Monthly Oil Market Report.
The report showed that the largest output increase came from Saudi Arabia, while Iran recorded the biggest decline.
Saudi Arabia, the group's top producer, increased its output by 258,000 bpd to about 9.71 million bpd. Iran's production, meanwhile, declined by 27,000 bpd to approximately 3.22 million bpd.
Meanwhile, total crude production by the OPEC+ alliance, comprising OPEC members and some major non-OPEC producers, rose by 509,000 bpd to 42.4 million bpd during the same period.
- Global oil demand forecasts remain unchanged
OPEC kept its global oil demand growth forecast for 2025 unchanged, projecting an increase of 1.29 million bpd year-on-year, bringing total demand to 105.14 million bpd.
Most of the growth is expected to come from non-OECD countries, where demand is seen rising by 1.15 million bpd to 59.31 million bpd, led by Asian countries.
Demand in OECD countries is projected to rise by just 140,000 bpd to 45.83 million bpd, driven mainly by OECD Americas and supported by a slight increase in OECD Europe, while OECD Asia-Pacific demand is forecast to decline slightly year-on-year.
For 2026, OPEC expects demand to grow by around 1.38 million bpd, reaching 106.52 million bpd.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr
