In August, total OPEC crude oil production decreased by 900,000 barrels per day, reaching an average of 19.91 million barrels per day. The primary factor was a decline in Saudi Arabian output, which fell by more than 1 million barrels per day to 6.98 million barrels per day, marking its lowest level since May.
Saudi Arabia's crude exports dropped by nearly one-third to 3.03 million barrels per day. This decline is attributed to disruptions in key export routes caused by regional tensions, including attacks on tankers in the Strait of Hormuz and threats in the Red Sea and Bab el-Mandeb areas.
The OPEC+ coalition had planned a quota increase of 188,000 barrels per day for August across seven member states, but logistical and geopolitical challenges prevented this. While Iraq increased production by 270,000 barrels per day to 2.98 million, and Venezuela added 70,000 to reach 1.23 million, these gains did not offset the Saudi decline.
