OPEC production fell in August as Saudi Arabia cut back its production, Bloomberg reports.
This decrease marks the first decline in production for the oil cartel since March, according to CNBC.
Excluding Nigeria and Libya, OPEC countries produced 30.004 million barrels a day (b/d) during the month of August, down from 30.113 million b/d, Bloomberg reports. This drop represented a less than 1% decrease in production.
Libya, experiencing frequent production disruptions, saw its output fall nearly 11% to 890,000 b/d from 1.02 million b/d in July, but production in Nigeria rose 8% to 1.86 million b/d from 1.722 million b/d, according to CNBC.