OPEC oil output rises In August: Report

Logo of OPEC

OPEC crude oil production increased in August, with some member countries increasing their supplies as part of an agreement approved by OPEC+.

A Bloomberg survey conducted on Wednesday showed that OPEC production reached approximately 28.55 million barrels per day (bpd) in August, an increase of 400,000 bpd compared to July.

According to the survey, the average production of the five countries participating in the voluntary cuts with OPEC+ was approximately 20.87 million bpd last month, 205,000 barrels more than the target level, excluding any compensatory commitments.

OPEC+ is scheduled to hold an online meeting on Sunday to assess market conditions, with the possibility of discussing options for boosting members' market share.