22:38 - 10.09.2026

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September 10, Fineko/abc.az. Saudi Arabia reported to OPEC a sharp decline in its August crude oil production, which fell by 1.9 million barrels per day (bpd) to 6.238 million bpd—marking its lowest level since 1990.

The drop comes as escalating tensions between the US and Iran, alongside renewed attacks on oil tankers in the Persian Gulf, severely restricted the Kingdom's export routes. Tracking data indicates Saudi crude exports sank by roughly a third in August to around 3 million bpd, driving Brent crude futures above $100 per barrel.

In contrast, OPEC's secondary sources estimated Saudi output at a higher 7.276 million bpd for the month, reflecting a much milder month-on-month decline.