The latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC) reveals a steep decline in Iran’s crude oil production during August 2026, alongside an overall increase in the cartel’s total output.
According to the report, Iran’s daily crude output fell by 399,000 barrels per day (bpd) compared to the previous month, dropping to approximately 2,086,000 bpd. This represented the largest single output drop among all OPEC members in August. Conversely, total OPEC production expanded by 346,000 bpd, reaching 24,081,000 bpd.
The net expansion in OPEC production was primarily driven by Iraq, which increased output by 664,000 bpd to reach roughly 3,378,000 bpd. The United Arab Emirates also expanded output by 54,000 bpd, bringing its total to approximately 3,835,000 bpd. Saudi Arabia, on the other hand, reduced production by 75,000 bpd to an average of 7,276,000 bpd.
Concurrently, supply disruptions in the Persian Gulf and falling Iranian exports drove crude prices higher in global energy markets. Brent crude spiked to $109.97 per barrel on Thursday, September 10, before moderating to around $105.90 during Friday morning trading. U.S. West Texas Intermediate (WTI) crude briefly crossed $102 per barrel before settling back into the $100 range.
