OPEC has increased 200,000 barrels of crude oil for the first time since its production cut in August this year

According to a report by Bloomberg News, London on September 2, OPEC’s crude oil output rose in August, the first increase since OPEC and its allies started a new round of production cuts earlier this year to boost the weak global market.

A Bloomberg survey showed that OPEC member Nigeria and Saudi Arabia's increase in crude oil production led to OPEC's August crude oil production increased by 200,000 barrels per day to 29.99 million barrels. Bloomberg's survey is based on estimates from officials, ship tracking data and consulting firms, including Resta Energy and JBC Energy.

Due to the weak global economy and the surge in US shale oil production, the global market may be oversupply. The 24 OPEC+ agreed to reduce crude oil production by 1.2 million barrels per day in early 2019. The new agreement replaces the previous round of production restrictions that began in January 2017.