OPEC Oil Output Drops Amid Saudi Production Cuts

OPEC's crude oil production declined sharply in August, snapping a two-month recovery trend. The drop was largely attributed to reduced output from Saudi Arabia, the group leader.

The Organization of the Petroleum Exporting Countries' supplies fell by 900,000 barrels per day last month to average 19.91 million a day, according to a Bloomberg survey.

The decrease in Saudi production was approximately 1 million barrels, which was partially offset by gains in Iraq and Venezuela.