Saudi oil output falls to its lowest level since 1990
🛢 Saudi Arabia told OPEC that its oil production fell by about 1.9 million barrels per day in August to 6.238 million bpd, dropping below the previous 2026 low recorded in April.
📦 Despite the decline, oil supplied to the market reached 7.122 million bpd, nearly 900,000 bpd above production. The gap indicates Saudi Arabia is drawing down inventories to maintain supply.
🚢 Observed exports also fell sharply to around 3.0–3.2 million bpd as disruptions affected both the Strait of Hormuz and Red Sea routes.
⚠️ This is not a voluntary OPEC+ production cut. Saudi Arabia’s quota remains above 10 million bpd, pointing instead to logistics constraints and limited ability to move crude to market.
#Oil
$CL
🛢 Saudi Arabia told OPEC that its oil production fell by about 1.9 million barrels per day in August to 6.238 million bpd, dropping below the previous 2026 low recorded in April.
📦 Despite the decline, oil supplied to the market reached 7.122 million bpd, nearly 900,000 bpd above production. The gap indicates Saudi Arabia is drawing down inventories to maintain supply.
🚢 Observed exports also fell sharply to around 3.0–3.2 million bpd as disruptions affected both the Strait of Hormuz and Red Sea routes.
⚠️ This is not a voluntary OPEC+ production cut. Saudi Arabia’s quota remains above 10 million bpd, pointing instead to logistics constraints and limited ability to move crude to market.
#Oil
$CL
