Saudi Arabia's crude oil production fell to 6.238 million barrels per day last month, hitting its lowest level since 1990

Saudi Arabia reported to OPEC that its crude oil production dropped sharply again last month, falling to its lowest level since 1990, as renewed hostilities between the United States and Iran squeezed the country’s export routes. OPEC’s monthly report shows that Riyadh informed the OPEC Secretariat that its daily output decreased by 1.9 million barrels, down to 6.238 million barrels per day. This is even lower than the pre-war low set in April—the lowest figure Saudi Arabia has reported since the start of the Gulf War. As OPEC’s leading member, Saudi Arabia has suffered another setback after months of recovery, highlighting the impact of the protracted Iran conflict on Middle Eastern energy producers. This week, Brent crude oil futures surpassed $100 a barrel as Gulf tankers were again attacked, while soaring fuel costs are driving up inflation and squeezing consumers. The sharp decline in output reported by Riyadh is consistent with preliminary tanker tracking data compiled by institutions, which showed Saudi crude oil exports fell by about one-third in August to around 3 million barrels per day.