Saudi Oil Output Plunges to Lowest Since 1990 Amid Middle East War

Saudi Arabia's crude oil production plummeted by nearly 2 million barrels per day in August to its lowest level since the Gulf War in 1990, according to data released by Riyadh to OPEC.

The decline is attributed to disruptions on both of Saudi Arabia's principal maritime export routes, including the Strait of Hormuz and the Bab al-Mandeb Strait.

The Houthi forces in Yemen have declared a maritime blockade against Saudi Arabia, while Tehran-aligned Houthi forces have targeted Saudi energy infrastructure, forcing operations at some facilities to halt.

Riyadh told OPEC that its 'supply to market' stood at 7.122 million bpd, suggesting the kingdom tapped inventories to compensate for reduced production.