Commodities
Saudi Oil Production Hits 2026 Low Amid Houthi Shipping Threats
Saudi Arabia's oil production plummeted to its lowest level in 2026 in August, reaching only 6.2 million barrels per day (bpd), a 23% drop from July's 8.1 million bpd.
The sharp decline is attributed to the Houthi rebels' maritime threats against shipping off the kingdom's west coast, which effectively deterred commercial vessel operators from accessing Saudi ports and severely impaired the country's export capacity.
As a result, crude exports dropped by nearly half, reaching approximately 3.1 million bpd in August, the lowest export volume since at least 2013, according to data from Kpler.