Have you seen the latest updates on OPEC's (Organization of the Petroleum Exporting Countries) production? According to recent market surveys, OPEC's daily crude oil production reached 28.55 million barrels in August, but this is not a random rise; it is backed by production adjustments that correspond to set targets.

In this change in production, the most notable data undoubtedly comes from Saudi Arabia. Although the production in June clearly exceeded the limit, in July and August, Saudi Arabia failed to reach the originally agreed level, resulting in a downward adjustment of the total output in July. However, even so, the production of OPEC member countries still slightly exceeded expectations, although the proportion is somewhat lower than before.

So, what does such a production level mean for the oil market? If we compare it with the recent forecast from the International Energy Agency (IEA) regarding OPEC oil demand, the oil market could face a surplus of 2.8 million barrels per day before September. This pattern seems to suggest that the market is gradually entering a stage of oversupply, of course, this does not yet account for the increase in production plans for September.

Overall, OPEC's production strategy seems a bit ahead of its time, but the impact may cause some minor twists in the oil market. What are your thoughts on the future direction? Feel free to share your views!