Commodities
Saudi Arabia's Crude Oil Production Hits 30-Year Low Amid Middle East Conflicts
Saudi Arabia's crude oil production plummeted to a 1990 low of 6.238 million barrels per day in August, as the country struggles with ongoing Middle East conflicts.
The sharp decline marked a month-over-month decrease of 1.9 million barrels per day and surpassed even the wartime lows seen earlier this year.
The output discrepancy is attributed to Saudi Arabia releasing part of its crude oil inventories for external supply, which distinguishes between production and market supply figures.