OPEC+ alliance oil production experienced a notable increase in August 2026, rising by 297,000 barrels per day (bpd) month-on-month, with Iraq leading the list of countries contributing most significantly to this rise. This was revealed in the monthly report issued by
the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, September 10, 2026. The report indicated that the alliance's total production reached 38.055 million bpd in August, up from 37.757 million recorded in July. The same report showed that OPEC
member countries' production increased by approximately 346,000 bpd last month, bringing the total to 24.081 million bpd, compared to 23.735 million in July 2026. These developments come as Saudi Arabia and six other countries within the OPEC+ alliance decided to maintain
their oil production policy unchanged for October 2026. These seven countries, in addition to the UAE before its withdrawal from the group, had successfully phased out voluntary cuts totaling 2.2 million bpd in September 2025, followed by 1.65 million bpd
in September 2026. Furthermore, the OPEC+ alliance continues to implement cuts of two million bpd, which have been in effect since November 2022 and are scheduled to continue until the end of 2026. Iraq topped the list of countries that saw
production increases, with its crude output rising by approximately 664,000 bpd, bringing its total to 3.378 million bpd. Kazakhstan followed, with its crude oil production increasing by 159,000 bpd in August, reaching a total of 1.807 million bpd. The UAE
also increased its oil production by about 54,000 bpd, recording 3.835 million bpd. It is worth noting that the UAE's data is still included in the OPEC report despite its withdrawal, as its membership in the organization officially ends only
at the end of 2026, in accordance with internal regulations. Increases also extended to other countries, with production rising in: Kuwait (49,000 bpd), Nigeria (35,000 bpd), Venezuela (23,000 bpd), Gabon (10,000 bpd), and Algeria (5,000 bpd). Conversely, Iran recorded the largest
decline in crude oil production, with a decrease of 399,000 bpd, bringing its total to 2.086 million bpd in August. Russia's crude output also fell by 160,000 bpd, reaching 8.718 million bpd. Saudi Arabia's crude oil production experienced a decrease
of 75,000 bpd, bringing its total to 7.276 million bpd, according to monitoring firms' estimates. In a related context, the Kingdom informed OPEC of a 1.9 million bpd drop in its crude production, reaching 6.238 million bpd, which represents the
lowest monthly production level since 1990. In contrast, the Kingdom's crude supply to the market was 7.122 million bpd in August. This excess of supply over production indicates the Kingdom's reliance on drawing from its oil inventories to meet market
needs, according to Bloomberg. Production levels also declined in several other countries during August as follows: Malaysia (16,000 bpd), South Sudan (10,000 bpd), Libya (9,000 bpd), Oman (9,000 bpd), Equatorial Guinea (8,000 bpd), Azerbaijan (7,000 bpd), Bahrain (3,000 bpd), Sudan (2,000
bpd), Republic of Congo (1,000 bpd), and Mexico (1,000 bpd). In contrast, Brunei maintained stable crude oil production at 90,000 bpd throughout August.
