Middle East Disruptions Keep Oil Markets Tense
Oil markets continue to feel the effects of Middle East supply disruptions as global production fell to approximately 100.1 million barrels per day in August 2026.
This decline represents a reduction of about 1.6 million barrels per day compared to July's numbers, and marks the continuation of a trend that has seen global oil supply average around 5.7 million barrels per day lower than last year's levels.
Gulf exports remain significantly below pre-disruption levels, with estimated exports at around 13 million barrels per day in August, down from previous years' numbers.
The situation is further complicated by declining global oil inventories, which fell by about 95 million barrels during August, and have cumulatively decreased by approximately 507 million barrels since February.