Saudi Arabia’s crude oil production fell to its lowest level since 1990 in August,
according to data provided by the Kingdom to OPEC and cited by Bloomberg. The decline occurred against the backdrop of a renewed conflict between the US and Iran that disrupted export routes from the region.
Riyadh informed the OPEC secretariat that production had dropped by 1.9 million barrels per day (bpd) to 6.238 million bpd. This figure represents an even sharper decline than the previous low recorded in April—which had been the lowest production level reported by Saudi Arabia since the start of the Persian Gulf War.
The drop follows several months of recovery for the OPEC leader and reflects the impact of the protracted conflict with Iran on Middle Eastern energy producers. Brent crude futures rose above $100 per barrel this week amid renewed attacks on oil tankers in the Persian Gulf.
Tanker-tracking data compiled by Bloomberg showed that Saudi oil exports fell by approximately one-third in August to around 3 million bpd, confirming the Kingdom's official production figures.
Saudi Arabia reported to OPEC that crude oil supplies to the market—including oil from strategic reserves—totaled 7.122 million bpd in August. The fact that the supply figure exceeded the production volume suggests the Kingdom may have drawn on some of its stockpiles.
OPEC’s monthly report also includes estimates from external organizations known as secondary sources. According to these data, production in Saudi Arabia in August stood at 7.276 million barrels per day, representing only a slight decrease compared to the previous month.