Saudi Arabia reports lowest crude oil production since 1990 to OPEC

Saudi Arabia’s crude oil production dropped to 6.238 million barrels per day in August, a level the kingdom hasn’t touched since 1990. That’s a decline of 1.9 million bpd, reported directly to OPEC, and it marks the second time this year that Riyadh has set a multi-decade production low. What’s driving the decline The primary culprit is the ongoing US-Iran conflict, which has turned two of the most critical maritime chokepoints on the planet into active threat zones. The Strait of Hormuz, through which roughly a fifth of the world’s oil supply typically flows, and the Bab el-Mandeb strait at the southern entrance to the Red Sea have both seen escalating dangers from Iranian forces and Houthi militants operating out of Yemen. The August figure didn’t arrive without warning. Back in April 2026, Saudi production had already fallen to 6.316 million bpd, a drop of 651,000 bpd from March. That was itself a 36-year low at the time. Saudi crude exports tell a similar story. Shipments fell to approximately 3.2 million bpd in August, the lowest level in over a decade. For context, Saudi Arabia was exporting well above 7 million bpd as recently as a few years ago. The inventory gamble One not...