🇸🇦🇮🇷 Saudi oil production just fell to its lowest level since 1990.
Riyadh pumped 6.238 million barrels a day in August, a huge 1.9 million barrel-a-day drop from just a month earlier.
And this came after Saudi production had actually been recovering.
Then the U.S.-Iran fighting flared up again.
Export routes got squeezed, tankers came under attack in the Persian Gulf, and Saudi crude exports dropped by roughly a third to around 3 million barrels a day.
Riyadh even appears to have pulled some oil out of storage to keep more barrels reaching the market.
So Saudi Arabia has plenty of oil.
The war is making it much harder to move it.
And with Brent already above $100, that’s exactly the kind of problem the market doesn’t need right now.
$VTHO | $SAGA | $ETHFI
#BREAKING #news #US #SaudiArabia #iran
Riyadh pumped 6.238 million barrels a day in August, a huge 1.9 million barrel-a-day drop from just a month earlier.
And this came after Saudi production had actually been recovering.
Then the U.S.-Iran fighting flared up again.
Export routes got squeezed, tankers came under attack in the Persian Gulf, and Saudi crude exports dropped by roughly a third to around 3 million barrels a day.
Riyadh even appears to have pulled some oil out of storage to keep more barrels reaching the market.
So Saudi Arabia has plenty of oil.
The war is making it much harder to move it.
And with Brent already above $100, that’s exactly the kind of problem the market doesn’t need right now.
$VTHO | $SAGA | $ETHFI
#BREAKING #news #US #SaudiArabia #iran
