OPEC Output Surges as Iran's Crude Production Plummets in August

OPEC's latest report shows that Iran's crude oil production plummeted by 399,000 barrels per day in August 2026 to approximately 2,086,000 bpd. This marked the largest single output drop among all OPEC members during the month. In contrast, total OPEC production increased by 346,000 bpd to reach 24,081,000 bpd.

The rise in OPEC's overall output was largely driven by Iraq, which boosted its crude oil production by 664,000 bpd to around 3,378,000 bpd. The United Arab Emirates also increased its output by 54,000 bpd, bringing it to approximately 3,835,000 bpd.

However, Saudi Arabia reduced its production by 75,000 bpd to an average of 7,276,000 bpd. The supply disruptions in the Persian Gulf and falling Iranian exports contributed to higher crude prices globally.