The war in the Middle East has derailed OPEC+'s plans to increase oil production - Reuters

--> In August, OPEC countries cut oil production, despite OPEC+ plans to gradually increase output. The situation was influenced by disruptions in exports from Saudi Arabia and restrictions on Iranian oil supplies due to the U.S. blockade.

According to a Reuters survey, the 11 OPEC countries produced an average of 19.71 million barrels of oil per day in August. This is 640 , 000 barrels per day less than in July.

The decline was the result of supply disruptions amid the war in the Middle East. In particular, problems arose with Saudi Arabian exports, while the U.S. blockade limited Iran’s ability to supply oil to the global market.