OPEC Oil Output Crashes Amid Saudi Export Disruptions

Oil output from the Organization of the Petroleum Exporting Countries (OPEC) plummeted by 900,000 barrels per day in August 2026, averaging just 19.91 million barrels daily.

The decline was largely driven by a steep reduction in Saudi Arabian supply, which fell by 1.12 million barrels daily to 6.98 million barrels per day.

Preliminary vessel tracking showed actual Saudi exports shrinking by approximately one-third to 3.03 million barrels per day, while minor gains in Iraq and Venezuela failed to offset the Saudi drop.

Geopolitical tensions in the Middle East compromised both of Saudi Arabia's primary transit channels, with tanker strikes increasing in the Strait of Hormuz and Houthi forces launching drone and missile strikes against energy installations.