Saudi August Crude Output Lowest Since 1990 as Renewed US–Iran Hostilities Squeeze Exports
Tiger Newspress09-10
Saudi Arabia told OPEC its August crude output plunged by 1.9 mln bpd to 6.238 mln bpd, the lowest reported since 1990, after renewed US–Iran hostilities squeezed export routes, OPEC's monthly report showed. The decline is even below April’s wartime-era low, previously the lowest since the start of the Gulf War.
Riyadh’s reported drop aligns with preliminary tanker-tracking data showing Saudi August crude exports fell roughly one-third to about 3.0 mln bpd.
After Saudi Arabia reported a production decline, Brent crude futures touched $104/bbl.
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