Saudi Oil Production Plummets to Lowest Since 1990 Amid US-Iran Conflict
Saudi Arabia's crude oil production dropped to its lowest level since 1990 in August, reaching 6.24 million barrels per day due to ongoing disruptions from the US-Iran conflict.
The decline of approximately 1.9 million barrels per day from July's 8.1 million barrels per day was reported directly by Saudi Arabia to OPEC, which contradicts plans for increased output during the month.
The kingdom's reliance on its western export infrastructure, particularly the Red Sea port of Yanbu, has come under growing pressure after Yemen's Houthi group declared a maritime embargo against Saudi Arabia in July.
This led to attacks on Saudi-linked vessels and energy facilities, prompting tankers to switch off their Automatic Identification System (AIS) signals. Ship-tracking data showed a sharp deterioration in Red Sea flows during August, with crude and condensate loadings from Yanbu falling to a six-month low.