OPEC Oil Output Plummets Amid Middle East Conflict

OPEC's August oil output fell short of expectations as Saudi exports were disrupted by the ongoing war in Iran and a U.S. blockade that cut off Iran's shipments.

A Reuters survey found that crude output from the 11-member Organization of the Petroleum Exporting Countries dropped by 640,000 barrels per day to 19.71 million bpd in August compared to the previous month.

This decline was despite an agreement among seven OPEC+ member countries, including allies like Russia, to increase production in August.