A Reuters survey found that OPEC's crude oil output fell by 640,000 barrels a day in August to 19.71 million barrels a day. The decline was linked to disruption to Saudi exports caused by the Iran war, while U.S. blockades reduced Iranian shipments. The survey also said that, although seven member states had agreed to raise production, conflict in the Middle East prevented that plan from being fully carried out. The report points to supply disruption inside the producer group even as some members had formally backed higher output. The figures and attribution in this brief are based on the Reuters survey cited by ChainCatcher.
According to a Reuters survey cited by ChainCatcher, OPEC crude oil output fell by 640,000 barrels a day in August to 19.71 million barrels a day.
The survey said the drop came as the Iran war disrupted Saudi exports, while U.S. blockades cut Iranian shipments. It added that, although seven member countries had agreed to increase production, conflict in the Middle East prevented the plan from being realized.
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