Saudi Oil Production Hits Lowest Level Since 1990 Amid US-Iran Tensions

Saudi Arabia's crude oil production has hit its lowest level since 1990, according to data reported directly to OPEC. The kingdom produced just 6.238 million barrels per day in August, a decline of 1.9 million bpd from previous levels.

The drop is attributed to the ongoing US-Iran conflict, which has escalated tensions in two critical maritime chokepoints: the Strait of Hormuz and the Bab el-Mandeb strait at the southern entrance to the Red Sea.

Saudi crude exports also took a hit, plummeting to approximately 3.2 million bpd in August - the lowest level in over a decade. Just a few years ago, Saudi Arabia was exporting well above 7 million bpd.