August Oil Production Slumps Amid Red Sea Disruptions

Crude oil production by the Opec-plus coalition fell in August for the first time in three months due to disruptions at the Bab al-Mandeb strait, a key shipping route through the Red Sea.

The strait is a critical chokepoint for Saudi oil exports, and its bottlenecks significantly constrained the kingdom's output. This resulted in a decline in overall Opec-plus production.

This development marks a significant change from recent trends, as Opec-plus production had been steadily increasing over the past few months.