OPEC members produced an estimated 29.74 million bbl/day in August, up 136,000 bbl/day from the previous month, due to higher output from Saudi Arabia, Iraq and Nigeria.
At this week's joint monitoring committee meeting, the cartel says Iraq and Nigeria have agreed to reduce output according to their prescribed quota. That could potentially take another 230,000 bbl/day off oil markets.
OPEC also cut its 2020 non-OPEC supply growth forecast to 2.25 million bbl/day next year, 136,000 bbl/day less that its previous forecast, due to a "large" downward revision in projected US oil supply.
In its September Oil Market Report, the International Energy Agency (IEA) warns that global output is still "growing strongly," particularly out of the US, Norway and Brazil. According to IEA estimates, oil markets will see a "significant surplus" of 1.4 million bbl/day next year.
The Energy Information Administration (EIA) left its 2019 and 2020 US oil ouput forecast roughly unchanged at 12.2 and 13.2 million bbl/day, respectively. Total US crude output was reported unchanged last week, at an estimated 12.4 million bbl/day.