OPEC oil output falls 640,000 bpd in August amid Iran conflict

  • OPEC reduced crude production in August amid disruptions linked to the Iran conflict.
  • OPEC output fell 640,000 bpd month-on-month to 19.71 million bpd.
  • Seven OPEC+ members had agreed to increase production during August.

OPEC oil output fell by 640,000 barrels per day in August to 19.71 million bpd, a Reuters survey found. Saudi exports faced new disruption because of the war in Iran, while a U.S. blockade cut Iran's shipments. Seven OPEC+ members had agreed to raise production in August, but the Middle East conflict made the increases impossible. The survey drew on flow data from LSEG, Kpler and other tracking companies, along with information from sources at oil companies, OPEC and consultants.

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