Saudi Arabia, Iraq, and Iran have maintained their positions as the top oil producers within the Organisation of Petroleum Exporting Countries (OPEC), with daily outputs of 9.526 million barrels per day (bpd), 3.902 million bpd, and 3.245 million bpd, respectively.
Nigeria, on its part, retained its position as Africa’s leading oil-producing nation, recording 1.559 million bpd in July 2025, according to OPEC’s latest Oil Market Monthly Report (MOMR) for August 2025, released on Tuesday.
The report stated that Equatorial Guinea remained OPEC’s least oil-producing member with an output of 53,000 bpd.
The data, according to OPEC, was sourced from secondary sources, adding that the organisation and its allies produced an average of 41.94 million barrels per day (mb/d) in July — an increase of 335,000 bpd month-on-month.
On the global oil supply outlook, OPEC projected that non-Declaration of Cooperation (non-DoC) liquids production from countries not part of the output agreement is expected to grow by about 0.8 mb/d year-on-year in 2025.
This forecast remains unchanged from last month’s assessment, with the United States, Brazil, Canada, and Argentina expected to drive the growth.
For 2026, the non-DoC liquids production growth forecast was slightly revised down by 0.1 mb/d to an average of 0.6 mb/d, with Brazil, the US, Canada, and Argentina still leading production growth.
Natural gas liquids (NGLs) and non-conventional liquids from DoC members are expected to increase by 0.1 mb/d in 2025, averaging 8.7 mb/d, and by the same margin in 2026 to reach 8.8 mb/d.
OPEC disclosed that crude oil production from DoC participating countries rose by 335,000 bpd in July, month-on-month, to average 41.94 mb/d based on secondary source data.
On the demand side, the report maintained its global oil demand growth forecast for 2025 at 1.3 mb/d, unchanged from last month’s outlook. Minor adjustments were made based on actual data for the first and second quarters of the year.
OECD oil demand is projected to grow by about 0.1 mb/d in 2025, while non-OECD demand is expected to rise by 1.2 mb/d.
For 2026, OPEC revised its global demand growth forecast upward by 0.1 mb/d to 1.4 mb/d, citing supportive economic activities. OECD demand is projected to grow by 0.2 mb/d, while non-OECD countries are expected to expand consumption by 1.2mb/d.
