OPEC Output Rises Amid Global Oil Demand Decline

OPEC's monthly oil market report for September 2026 reveals that the cartel's 12 member countries increased their output by 346,000 barrels per day (kb/d) in August 2026 compared to July. The largest contributors to this growth were Iraq, which added 664 kb/d, followed by the UAE with an increase of 54 kb/d and Kuwait with a rise of 49 kb/d.

However, despite this uptick in production, world demand for crude oil fell from 83.35 mb/d (million barrels per day) in the third quarter of 2025 to 78.96 mb/d for the same period in 2026. This represents a drop of 4.39 mb/d, or approximately 5.4%, in global crude oil demand.

OPEC is forecasting slower growth in US tight oil output in both 2026 and 2027 compared to estimates from the Energy Information Administration (EIA). According to OPEC's projections, US tight oil production will only increase by 50 kb/d next year and remain flat in 2027.