Saudi Arabia's August Crude Oil Production Hits Lowest Level Since 1990

Saudi Arabia reported to OPEC that its crude oil production in August dropped by 1.9 million barrels per day to 6.238 million barrels, the lowest level since 1990. The decline is attributed to renewed hostilities between the U.S. and Iran, which have constrained export routes and reduced Saudi oil exports by approximately one-third to about 3 million barrels per day.