OPEC Oil Output Sinks Amid Geopolitical Disruptions

OPEC's oil production fell significantly in August due to disruptions caused by geopolitical tensions.

The group's crude output dropped by about 900,000 barrels per day (bpd) last month, according to a Bloomberg survey. This decline brings OPEC's total output down to 19.91 million bpd after partially recovering in June and July.

The drop in production is attributed to the ongoing disruptions affecting oil flows through the Strait of Hormuz. Despite this, seven members of the OPEC+ alliance agreed over the weekend to maintain October production levels unchanged. This decision comes after a series of gradual output increases aimed at reversing earlier cuts.