Resurgent Iranian oil production drove Opec output to a 240,000 b/d monthly gain in August. The monthly increase is the group’s largest since August 2022 when it was unwinding the previous set of cuts. Despite the gains, output of 27.64mn b/d was still down more than 2mn b/d year-on-year due to renewed formal and voluntary Opec+ cuts.
With Saudi Arabia this week extending its 1mn b/d voluntary cuts to the end of December (MEES, 8 September), and the pace of Iranian production gains set to slow (MEES, 8 September), the group’s production looks unlikely to increase significantly in the coming months. (CONTINUED - 1009 WORDS)
