Saudi Arabia's August crude oil production fell to the lowest level since 1990

Saudi Arabia reported to OPEC that its crude oil production in August plummeted to the lowest level since 1990, with a daily output decrease of 1.9 million barrels, down to 6.238 million barrels per day.

The resumption of hostilities between the United States and Iran has squeezed Saudi Arabia's export channels, leading to a reduction in crude oil exports of about one-third, down to approximately 3 million barrels per day.