Saudi Oil Supply Crashes to Three-Decade Low Amid Facility Attacks

The International Energy Agency (IEA) reported that Saudi Arabia's crude supply fell to its lowest level in over three decades in August, reaching six million barrels per day. This significant drop is attributed to recent attacks on Saudi energy facilities.

The targeted facilities include ships transiting the Bab el-Mandeb, as well as Saudi Arabia's Jazan refinery and shipping near Yanbu. Additionally, Iran-backed militias in Iraq used drones to hit Saudi Arabia's Abqaiq oil processing site.

The IEA's assessment of Saudi supply in August is lower than the figure provided by Saudi Arabia itself, which informed the Organisation of the Petroleum Exporting Countries (OPEC) that it supplied 7.122 million barrels per day last month.