Saudi Crude Supply Hits Three-Decade Low Amid Ongoing Conflict

Saudi Arabia's crude supply plummeted to its lowest level in over three decades due to attacks on energy facilities, according to the International Energy Agency (IEA).

The IEA reported that Saudi oil supply fell by 2.3 million barrels per day in August to 6 million bpd, significantly lower than the country's own estimate of 7.122 million bpd.

The drop is attributed to attacks on ships transiting the Bab el-Mandeb and Saudi energy facilities by groups linked to Yemen's Houthis, as well as Iran-backed militias in Iraq using drones to hit Saudi Arabia's Abqaiq oil processing site.