OPEC Oil Output Slumps Amid Middle East Conflict

OPEC oil output fell in August, a direct result of Saudi exports facing disruptions due to the war in Iran and a U.S. blockade cutting off Iran's shipments.

The Organization of the Petroleum Exporting Countries (OPEC) saw its crude output drop by 640,000 barrels per day month-on-month to 19.71 million bpd, according to a Reuters survey.

This decline comes despite seven members of the OPEC+ producer group agreeing to increase production in August. However, the ongoing Middle East conflict made this impossible.

The survey, which gathered data from financial group LSEG and other companies tracking flows such as Kpler, found that the disruptions had a significant impact on oil output.