Oil production by OPEC fell 0.24%, or 79,000 barrels per day, in August to 32.7 million barrels produced per day. This marks the first time since April that the oil cartel reported a drop in production. 

OPEC has been looking to boost prices through production cuts amid a supply glut that has more than halved oil prices over the past two years. 

OPEC first agreed to cap production at 1.8 million barrels a day lower than peak output from October 2016 levels. 

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