OPEC Oil Output Drops Amid War in Iran and US Blockade

OPEC's oil output plummeted by 640,000 barrels per day in August due to disruptions caused by the war in Iran and a U.S. blockade that cut off exports from the country.

The Organization of Petroleum Exporting Countries' (OPEC) overall production fell to 19.71 million bpd last month, according to a Reuters survey based on flow data from LSEG and information provided by oil companies and consultants.

The decline in output was despite an agreement between OPEC+ members to increase production in August, but the ongoing conflict in the Middle East made it impossible for them to meet their targets.