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The cartel and its partners have fast-tracked the return of shuttered production in recent months in a bid to reclaim global market share. (Taylor Weidman/Bloomberg)

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OPEC bolstered crude production last month as the group and its allies continued to revive halted supplies, according to a Bloomberg survey.

The Organization of the Petroleum Exporting Countries raised output by 400,000 barrels a day — roughly the amount planned — to 28.55 million barrels a day, the survey showed. Group leader Saudi Arabia accounted for just over half of the increase.Ìý

The cartel and its partners have fast-tracked the return of shuttered production in recent months in a bid to reclaim global market share. The extra barrels have so far only put modest downward pressure on crude prices, but threaten to unleash a major surplus in the coming months, according to the International Energy Agency.

International benchmark Brent futures are down 9% this year, trading near $68 a barrel in London. While the downturn offers some relief for consumers and a win for President Donald Trump, it threatens financial pain for producers including Saudi Arabia, which is grappling with aÌýbudget deficit, and America’s shale industry.

Riyadh boosted output by 230,000 barrels a day in August to 9.6 million barrels a day, the survey showed. While that was the biggest increase among OPEC’s 12 members, it still fell short of the 9.756 million barrels a day the kingdom was permitted to pump by the alliance’s agreement.Ìý

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Saudi crude exports edged lower, to 5.83 million barrels a day, tanker tracking data compiled by Bloomberg showed. The country’s domestic consumption typically increases during the summer months to meet heightened need for air conditioning.Ìý

The kingdom’s production has fluctuated in recent months,Ìýsurging in JuneÌýas it shifted barrels beyond the Persian Gulf during the Israel-Iran conflict, then retreating sharply the following month. Bloomberg’s estimates for July were revised lower.

The next-biggest production increase in August came from Iraq, which boosted by 120,000 barrels a day to 4.28 million barrels a day, according to the survey. That’s about 109,000 above the country’s OPEC+ quota for the month, suggesting Baghdad failed to make the additional curbs it had pledged as compensation for previous over-production. The nation has long chafed against OPEC+ limits while rebuilding its shattered economy.

For the five OPEC members participating in so-called voluntary cuts, output averaged 20.87 million barrels a day last month, or about 205,000 more than their collective target, excluding any compensation commitments.Ìý

Alongside three countries from the broader OPEC+ coalition, the eight nations agreed last month on an increase of 547,000 barrels a day for September that will complete the return of 2.2 million barrels shuttered since 2023.

They will hold a video conference on Sunday to assess world markets, and may review another layer of idle supply — amounting to 1.66 million barrels a day — which is currently designated to remain offline until the end of 2026.Ìý

Officials have signaled their next move could be a pause, a further output increase, or even the reversal of their recent additions, depending on market conditions. Brent contracts dropped 1.9% on Wednesday after Reuters reported that the group will consider another hike.

OilÌýtraders and analystsÌýsurveyed by Bloomberg earlier this week largely predicted that OPEC+ will pause before moving onto the 1.66 million barrel-a-day tranche. Delegates said in July they were considering such a hiatus, given the fragility of world markets.Ìý

Bloomberg’s production survey is based on ship-tracking data, information from officials and estimates from consultantsÌý,Ìý, Kpler Ltd. and Rystad Energy.

Grant Smith, Julian Lee and Bill Lehane contributed to this report.

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