Saudi Oil Production Plummets to Lowest Since Gulf War

Saudi Arabia's oil production has hit its lowest level since 1990 due to renewed tensions between the US and Iran, which have squeezed the kingdom's export routes. According to a report from OPEC, Saudi crude oil production plummeted by 1.9 million barrels per day in August to 6.238 million barrels per day.

This is a significant drop even compared to April, when output was at its lowest since the Gulf War began. The latest numbers are likely to put pressure on OPEC to reconsider its oil production targets and quotas.