Saudi Oil Supply Crashes to Lowest Level in Over Three Decades

Saudi Arabia's oil supply plummeted to its lowest level in over three decades after a series of attacks on its energy facilities. According to the International Energy Agency, Saudi's crude supply fell by 2.3 million barrels per day in August to six million bpd.

The drop is attributed to targeting by groups linked to Yemen's Houthis and Iran-backed militias in Iraq using drones to hit key sites, including Saudi Arabia's Abqaiq oil processing site.

The IEA's assessment of Saudi supply in August differs from the kingdom's own reported figures. Saudi told OPEC it supplied 7.122 million bpd last month, while its production was reported at 6.238 million bpd.