Saudi Arabia has remained by far OPEC's largest oil producer, with output standing at around 9.7 million barrels per day, the organisation has announced.

Iraq ranked as the second-largest producer in August 2025, with 4.015 million bpd, followed by the UAE with about 3.26 million bpd, according to a report by Iraqinews.com.

Sanction-hit Iran emerged as the fourth-largest producer, with 3.218 million bpd, followed by Kuwait with 2.492 million bpd.

Figures from other member countries showed Nigeria at 1.54 million bpd, Libya at 1.299 million bpd, Algeria at 940,000 bpd, Venezuela at 936,000 bpd, and Congo at 259,000 bpd.

OPEC's report noted that overall production levels remained relatively stable.

Meanwhile, Reuters reported that the International Energy Agency (IEA) has warned of a sharp and accelerating decline in oil and gas production from mature fields worldwide, with investment limited mainly to maintaining existing operations.

Without steady investment, the world could lose the equivalent of Brazil and Norway's combined output—about 5.5 million bpd—each year, amounting to an average annual decline of 8 percent over the next decade.

For natural gas, the report projected a 9 percent yearly decline without adequate investment, equivalent to 270 billion cubic meters.

(Writing by N Saeed; Editing by Sona Nambiar)

(anoop.menon@lseg.com)

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