Saudi Oil Output Hits Lowest Since 1990 Amid Middle East Supply Disruptions
13 Articles
13 Articles
Escalating war between US and Iran reignites concerns about global supplies – Saudi Arabia informed OPEC that its daily production fell by 1.9 million barrels to 6.238 million barrels per day, the lowest level since 1990
The production of oil in Saudi Arabia collapsed again in August, touching the minima since 1990, due to the conflict between the United States and Iran that put pressure on the UK's export routes. (ANSA)
Saudis Tell OPEC That Output Slumped Again to Lowest Since 1990
Brent crude prices jumped to around $105 a barrel on Thursday after Saudi Arabia pointed to a sharp drop in oil production, while up.
According to ChainCatcher, Saudi Arabia reported to OPEC that its crude oil production in August plummeted to its lowest level since 1990, falling 1.9 million barrels per day to 6.238 million barrels per day. The resumption of hostilities between the US and Iran squeezed Saudi Arabia's export channel, causing crude oil exports to drop by about one-third to about 3 million barrels per day.
The setback for the OPEC leader, after several months of recovery, illustrates the consequences of the prolonged conflict with Iran for energy producers in the Middle East
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