OPEC+ Production Suffers Amid Saudi Arabia's Lowest Oil Supply in Three Decades

Saudi Arabia's crude oil supply plummeted to its lowest level in over three decades, reaching 6 million barrels per day (mmbbl/d) in August, according to a report from the International Energy Agency (IEA).

This decline of 2.3 mmbbl/d was attributed to attacks on energy facilities and regional shipping routes, disrupting Saudi oil production.

The impact of these disruptions was felt across OPEC+ members, with total production falling by 1.8 mmbbl/d to 38.8 mmbbl/d in August.

Recent events have limited the group's ability to meet their production targets, despite earlier plans to return more barrels to the market.