OPEC's August Survey: Iran's Oil Production and Exports Rise, Saudi Cuts Offset

According to a survey by Bloomberg, OPEC's crude oil production increased by 40,000 barrels per day (bpd) in August, with Saudi Arabia's output falling by 170,000 bpd but offset by increased production from Nigeria and Iran. The group produced 27.82 million bpd in August. Analysts expect Saudi Arabia to extend its 1 million bpd supply cut into October, despite crude oil prices reaching 2023 highs. Russia announced a new deal with OPEC regarding crude oil supply volumes. A Reuters survey estimated that OPEC's total production rose by 220,000 bpd in August. The OPEC+ group is set to hold a meeting on October 4.