Saudi Oil Exports Plummet to Lowest Level Since 1990 Amid US-Iran Tensions

Saudi Arabia's oil exports hit their lowest level since 1990 last month, according to data from OPEC. The kingdom notified the organization that its crude oil production plummeted by 1.9 million barrels a day (mbd) to 6.238 mbd in August.

The decline is attributed to renewed hostilities between the US and Iran, which have squeezed Saudi Arabia's export routes. This setback comes after several months of recovery for the OPEC leader.

Data from provisional tanker-tracking indicates that Saudi crude exports fell by about a third in August to roughly 3 mbd. The kingdom may have drawn down some inventories, as its 'crude supply to market' was higher than production at 7.122 mbd in August.