OPEC report shows Iran output plunged as Iraq surge lifted August production

OPEC's September 2026 Monthly Oil Market Report, released Thursday, reveals a cartel in flux: Nigeria held steady at its production quota for a fourth straight month, Iran suffered the largest single-country output decline, and the broader group expanded production by 346,000 barrels per day to reach 24.08 million bpd in August.thecable+1

Nigeria Holds the Line

Nigeria averaged 1.5 million bpd in August according to data it submitted directly to OPEC, meeting its assigned quota but slipping 5,000 bpd from July's 1.505 million bpd. The decline marks a second consecutive monthly drop for Africa's largest crude producer, which has shed a combined 55,000 bpd since June, when output stood at 1.555 million bpd.streamlinefeed+2

A persistent gap between Nigeria's self-reported figures and independent estimates underscores the measurement challenges facing the sector. OPEC's secondary sources — which draw on vessel tracking, pipeline telemetry, and commodity intelligence firms — pegged Nigeria's August output at 1.573 million bpd, a 35,000 bpd increase from July. Energy analysts attribute the divergence largely to how condensates and refining feedstocks are classified, with government data isolating pure crude grades more rigorously than third-party trackers.streamlinefeed

Iran's Sharp Decline, Iraq's Surge

Iran recorded the steepest drop among OPEC members, with daily output falling by 399,000 bpd to roughly 2.086 million bpd. The decline came amid supply disruptions in the Persian Gulf and falling Iranian exports tied to the US-Iran conflict, which have pushed Brent crude above $100 a barrel.iranwire+1

Iraq drove the cartel's overall expansion, adding 664,000 bpd to reach approximately 3.378 million bpd, while the UAE contributed an additional 54,000 bpd, bringing its total to about 3.835 million bpd. Saudi Arabia moved in the opposite direction, trimming production by 75,000 bpd to 7.276 million bpd.iranwire

Broader Bloc and Market Impact

Across the wider Declaration of Cooperation alliance, combined output climbed roughly 300,000 bpd to 38.05 million bpd, though non-OPEC partners within the bloc recorded a net contraction of 49,000 bpd. Brent crude spiked to $109.97 per barrel on Thursday before easing during Friday morning trading, while U.S. West Texas Intermediate briefly crossed $102 per barrel.headtopics+2