Commodities
OPEC Oil Output Falls Amid Iran Conflict and US Blockade
OPEC oil output declined in August due to disruptions caused by the war in Iran and a U.S. blockade, according to a Reuters survey.
The survey found that crude output from the 11-member Organization of the Petroleum Exporting Countries (OPEC) fell by 640,000 barrels per day month-on-month to 19.71 million bpd.
This drop occurred despite an agreement among seven OPEC+ producer group members, including Russia, to increase production in August.
The conflict in the Middle East made it impossible for these countries to meet their target.