Opec-plus’ crude oil production in August came in at 42.5 million barrels per day, the highest since March 2023. Now that eight members of the 22-member producer group have agreed to output increases in September and October, production is set to rise further. Energy Intelligence estimates that the group will crank out an average 41.87 million b/d this year, an annual gain of 1.1 million b/d. If the eight countries were to agree on a pause after October, then 2026 output will increase by another 940,000 b/d and reach 42.84 million b/d, just a hair above 2022’s result when Opec-plus had opened the spigots to meet a surge in post-pandemic demand.
