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Commodities

OPEC Oil Output Slumps Amid Middle East Conflict

Guavy AI Editorial Team
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Oil
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OPEC oil output fell 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 by the 11-member Organization of the Petroleum Exporting Countries decreased by 640,000 barrels per day month-on-month to 19.71 million bpd.

Seven members of the OPEC+ producer group had agreed to increase production in August, but the Middle East conflict made that impossible.

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