Global Oil Supply Dips 1.6M Bpd in August Amid OPEC+ Output Decline

The global oil supply decreased by 1.6 million barrels per day (bpd) to 100.1 million bpd in August, according to the International Energy Agency's (IEA) latest report.

The decline was driven by lower output from the OPEC+ group, which fell by 1.5 million bpd to 33.1 million bpd during the month.

Saudi Arabia's production dropped by 2.3 million bpd to 6 million bpd, marking its lowest level in 30 years.

The IEA has pushed back its expectation for a recovery in Gulf oil production to 2027 and expects global oil supply to fall by 5.7 million barrels per day year-over-year to about 100.7 million barrels per day this year.