The Supply Cushion Is ThinningAccording to OPEC’s monthly oil market report, Saudi Arabia reported August oil production of 6.24 million barrels a day to OPEC, but supplied 7.12 million barrels a day to the market. This suggests the kingdom used oil from its stocks instead of increasing production to meet demand. Iraq, meanwhile, increased its output by 664,000 barrels a day to 3.38 million barrels a day in August, OPEC data showed.