Commodities
Saudi Oil Production Hits 30-Year Low Amid Ongoing US-Iran Conflict
Saudi Arabia's crude oil production plummeted to 6.238 million barrels per day in August, marking its lowest level since 1990.
The decline is largely attributed to the ongoing US-Iran conflict, which has heightened tensions at two critical maritime chokepoints: the Strait of Hormuz and the Bab el-Mandeb strait.
Saudi crude exports also reached a decade-low in August, falling to approximately 3.2 million barrels per day.