Uche Cecil Izuora
Nigeria recorded a slight oil production increase in August which supported overall output reported by the Organization of Petroleum Exporting Countries (OPEC).
Crude oil production by the Organization rebounded in August, rising by around 346,000 barrels per day (bpd) from the previous month.
In August, OPEC’s total output stood at about 24.08 million bpd, according to the group’s latest Monthly Oil Market Report on Thursday.
Iraq posted the largest monthly increase, with output rising by 664,000 bpd to around 3.38 million bpd.
Production also rose in Nigeria with output rising by 35,000 bpd.
The UAE’s production climbed by 54,000 bpd to 3.84 million bpd, while Kuwait increased output by 49,000 bpd to 1.89 million bpd.
Production also rose in Venezuela, Gabon and Algeria. Output increased by 23,000 bpd in Venezuela, 10,000 bpd in Gabon and 5,000 bpd in Algeria.
The largest decline came from Iran, whose production fell by 399,000 bpd to around 2.09 million bpd, while production in Saudi Arabia declined by 75,000 bpd to around 7.28 million bpd.
Libya’s production fell by 9,000 bpd to 1.36 million bpd, Equatorial Guinea’s output slipped by 8,000 bpd to 47,000 bpd and Congo’s output fell by 1,000 bpd to 275,000 bpd.
Crude oil production by the OPEC+ alliance, which includes OPEC members and several non-OPEC producers also rose in August despite ongoing conflict in the region, the closure of the Strait of Hormuz and disruptions to Gulf exports.
The group’s output increased by about 297,000 barrels per day in August to average 38.06 million bpd.
Meanwhile, OPEC has slightly lowered its 2026 demand growth forecast while raising its 2027 outlook, although both projections continue to point to solid demand growth.
The group expects global oil demand to increase by 380,000 barrels per day (bpd) year-over-year to average 105.84 million bpd.
Demand in non-OECD countries is projected to rise by 490,000 bpd to 59.7 million bpd, while demand in OECD countries is expected to decrease by 110,000 bpd to 46.14 million bpd.
For 2027, OPEC forecasts global oil demand will grow by a further 2.4 million bpd to average about 108.19 million bpd.