According to Platts, a global provider of energy, petrochemicals, metals and agriculture information, oil production from the Organization of the Petroleum Exporting Countries (OPEC) declined by 140,000 barrels per day (b/d) to 31.26 million b/d in August from 31.4 million b/d in July as several member countries, including Saudi Arabia, cut its output.

Margaret McQuaile, senior correspondent for Platts, said that it is the first decline in oil production since February. She added that "it shouldn't be over-interpreted".

"The August total still puts OPEC exceeding its official ceiling by 1.26 million b/d and Saudi oil is still flowing at record levels," McQuaile pointed out.