OPEC reduced its 2026 global oil demand increase forecast from 580 thousand barrels per day to 380 thousand barrels. Saudi Arabia’s announcement that its oil production dropped to the lowest level since 1990 accelerated the increase in oil prices.
In the statement made by OPEC, it was reported that crude oil production, including the former member UAE, increased by approximately 300 thousand barrels compared to July, reaching an average of 38.05 million barrels per day in August 2026.
OPEC reported that Russia’s oil production decreased by 160 thousand barrels per day.
Following the news, the oil price, which started at 100 dollars today, accelerated its rise and reached 105 dollars with an increase of 3.55 percent.
