IEA sees reduction in global oil production

Global oil production in August fell by 0.54 million barrels per day compared to July to 96.1 million barrels per day, reads the September report of the International Energy Agency (IEA), Report informs.

Unscheduled disruptions offset the increase in production from OPEC+, the report noted.

Oil production of OPEC countries in August increased by 210,000 barrels per day by July, to 26.89 million barrels per day, according to the IEA report. Saudi Arabia and Iraq are in the lead in terms of growth.

Saudi Arabia in August increased oil production to 9.56 million barrels per day compared to 9.46 million barrels per day in July. However, the kingdom is still overfulfilling its target of a 3 percent cut in oil production.