Market Speak: OPEC reports significant production rise in August

In its latest monthly report, OPEC revealed a notable increase in oil production during August, as the group?s crude output rose by 478 thousand barrels per day to reach 27.9 million barrels per day. This surge reflects higher production from several OPEC member states aiming to meet market needs. Additionally, production from non-OPEC countries participating in the ?Declaration of Cooperation? increased by 31 thousand barrels per day to reach 14.4 million barrels per day. As a result, total production across the alliance climbed by around 509 thousand barrels per day, totaling 42.4 million barrels per day in August.

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