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Saudi Crude Output Plummets to 1990 Levels Amid Houthi Attacks

Guavy AI Editorial Team
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Oil
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Oil prices surged to 106 dollars per barrel as Saudi Arabia's crude output sank to its lowest level since 1990 due to ongoing Houthi attacks.

The kingdom's production dropped by 1.9 million barrels per day in August, forcing Riyadh to curb its exports and reducing the nation's capacity to ship oil via the Red Sea.

Meanwhile, OPEC downgraded its forecast for global demand growth in 2026 for the fifth consecutive month, citing weaker consumption patterns due to the broader conflict in the Middle East.

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