Saudi Arabian Oil Supply Hits Over 30-Year Low
According to the International Desk of Webangah News Agency, the International Energy Agency (IEA) announced in its monthly oil market report that Saudi Arabia‘s crude oil supply decreased by 2.3 million barrels per day in August compared to the previous month, reaching 6 million barrels per day.
The IEA stated that Saudi Arabia’s oil supply in August was lower than the figure announced by Riyadh. Saudi Arabia had previously informed the Organization of the Petroleum Exporting Countries (OPEC) that its oil supply in the past month was 7.122 million barrels per day.
Furthermore, Saudi Arabia informed OPEC that its oil production in August reached 6.238 million barrels per day, a figure close to the IEA’s estimate for oil supply. The IEA also revised down its forecast for Saudi Arabian crude oil supply in 2026 by 885,000 barrels per day to 7.6 million barrels per day. The agency attributed this reduction to the delayed return of production from countries in the Persian Gulf region of the Middle East.
