Saudi Arabia's Oil Production Falls to 30-Year Low
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Saudi Arabia has informed OPEC of a reduction in oil production by 1.9 million barrels per day to 6.238 million barrels per day, marking the lowest level since 1990. The primary reason for the decline has been military actions between the U.S. and Iran, which have blocked key export routes for the kingdom. The conflict in the Middle East has impacted the global economy, with Brent crude oil futures exceeding $100 per barrel due to attacks on oil tankers in the Persian Gulf. Saudi Arabia's exports in August fell by about a third, forcing Riyadh to utilize its own storage tanks. OPEC is also facing an internal crisis: Venezuela is considering leaving the organization, while Iraq is demanding a review of quotas. In July, Saudi Arabia nearly restored pre-war export volumes after tankers resumed passage through the Strait of Hormuz.
-- Price
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