Photo caption: OPEC logo
*OPEC August output falls 640,000 bpd
*Biggest drop is in Iran
*Output far below quotas
OPEC oil output fell in August, a Reuters survey found, as Saudi exports faced new disruption due to the war in Iran and a U.S. blockade cut Iran’s shipments.
Crude output by the 11-member Organization of the Petroleum Exporting Countries fell by 640,000 barrels per day month-on-month to 19.71 million bpd, the survey found.
Seven members of the OPEC+ producer group, which includes allies such as Russia, had agreed to increase production in August, but the Middle East conflict made that impossible.
The Reuters survey is based on flow data from financial group LSEG, information from other companies that track flows, such as Kpler, and information provided by sources at oil companies, OPEC and consultants.
