Saudi Oil Output Hits Lowest Since 1990 Amid US-Iran War Disruptions

Saudi Arabia's crude oil production plummeted to its lowest level since 1990 in August, falling by 1.9 million barrels per day from 8.1 million barrels per day in July, according to a report directly communicated to OPEC.

The kingdom's output stood at 6.24 million barrels per day, despite plans by Saudi Arabia and other members of the OPEC+ group to increase production during the month.

The decline in oil production was attributed to disruptions caused by the US-Iran war, which have affected both traditional Gulf shipping routes and alternative export routes through the Red Sea.