Middle East War Disrupts Oil Supplies from Saudi Arabia and Russia

Saudi Arabia's crude supply fell to its lowest level in more than three decades in August due to disruptions caused by the Middle East war and Russian oil production hit a low since 2003 because of Ukraine attacks.

The International Energy Agency reported that Saudi Arabia's crude supply dropped by 2.27 million barrels per day in August, reaching around 5.97 million bpd, while Russia's crude oil production declined by 200,000 bpd to 8.36 million bpd.

The disruptions to oil flows through the Strait of Hormuz and attacks on Saudi oil facilities constrained the country's ability to move crude into international markets. Ukrainian attacks on Russia's energy infrastructure also added pressure on its oil production and exports.