Saudi Oil Supply Plummets to Three-Decade Low, IEA Cuts 2026 Forecast

Saudi Arabia's crude oil supply fell to its lowest level in over three decades in August, according to the International Energy Agency (IEA). The IEA reported that Saudi Arabia's oil supply dropped to 6 million barrels per day in August, a decline of 2.3 million barrels from the previous month.

This figure is lower than the number Riyadh reported to OPEC, which stood at 7.122 million barrels per day for last month. The IEA also noted that Saudi Arabia's oil production in August reached 6.238 million barrels per day, a figure close to its estimate of oil supply.

The IEA lowered its forecast for Saudi Arabia's crude oil supply in 2026 by 885,000 barrels to 7.6 million barrels per day due to delays in the recovery of production by Gulf countries in the Middle East.