Commodities
OPEC Crude Output Surges in August
OPEC crude oil production saw a significant increase in August, rising by around 346,000 barrels per day (bpd) from July. This marks a rebound for the group's total output, which stood at about 24.08 million bpd.
Iraq led the pack with the largest monthly increase, posting an output rise of 664,000 bpd to approximately 3.38 million bdp. The UAE and Kuwait also saw their production climb by 54,000 bpd and 49,000 bpd, respectively.
Nigeria, Venezuela, Gabon, and Algeria all experienced increases in their output, with Nigeria leading the way at 35,000 bpd. However, Iran saw its production decline by 399,000 bpd to around 2.09 million bpd.