In its latest report, OPEC revealed that Saudi Arabia's crude production collapsed by 1.9 million bpd in August, hitting just 6.238 million bpd—the Kingdom's lowest output level since the 1990 Gulf War.
Draining Stockpiles: To offset the production crash, Riyadh drew heavily on domestic reserves, shipping 7.122 million bpd to meet minimum market commitments.
Export Collapse: Crude exports plunged to a 13-year low of 3.2 million bpd as regional choke points and ongoing maritime strikes paralyzed tanker traffic.
High Strain: September output faces even deeper cuts following recent strikes targeting critical infrastructure around Jazan and Abha.