Saudi oil output drops 1.9 million barrels daily to lowest level since 1990

Saudi Arabia reported a fresh decline in crude oil output to its lowest level since 1990, citing the resumption of hostilities between the United States and Iran. The kingdom notified the OPEC secretariat that production dropped 1.9 million barrels daily, settling at 6.238 billion barrels daily according to a monthly report obtained by Bloomberg. This figure remains lower than the minimum recorded in April during the previous conflict with Iran. Data from vessel traffic tracking compiled by Bloomberg indicated Saudi oil exports fell approximately one-third in August to around 3 million barrels daily. Rising fuel prices continue to pressurize global inflation while future Brent crude contracts surpassed $100 per barrel this week following renewed strikes against tankers in the Persian Gulf. Analysts note the downturn illustrates prolonged conflict consequences for energy producers in the Middle East region.