OPEC Oil Output Falls in August as Saudi Arabia Reports Sharp Decline
2 sources across 2 countries · United Kingdom · United States
Who reported this
- Reuters
- Al-Monitor
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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Every outlet covering this story shares the same political lean; read with that in mind.
OPEC oil output fell in August, according to a Reuters survey. Saudi Arabia, the largest producer in the cartel, reported to the OPEC secretariat that its crude output dropped by 1.9 million barrels per day to 6.238 million barrels per day. This figure represents the kingdom's lowest production level since 1990.
Saudi Arabia's exports also reached a 13 year low of 3.2 million barrels per day in August, according to data from Kpler. These declines are attributed to disruptions along maritime export routes. Tanker traffic through the Strait of Hormuz fell sharply after the US and Israel began striking Iran on February 28, leading the Islamic Revolutionary Guard Corps to attack ships in the waterway. While Saudi Arabia diverted crude through its East-West Pipeline to the port of Yanbu, Yemen's Houthi rebels declared a maritime blockade of the Red Sea and the Bab el-Mandeb Strait in July. Additionally, Houthi attacks on Saudi Aramco facilities in Abha, Najran, and Jizan caused fires and temporary shutdowns.
These developments have pushed Brent crude prices higher, reaching $105.79 a barrel on Thursday. The slump occurs amid internal tension within OPEC. The United Arab Emirates left the group in May, while Iraq and Venezuela have faced deliberations regarding their membership and production quotas.
How each side framed it
- Centre
- Outlets with a center lean focused on the statistical decline in production and the geopolitical conflicts disrupting Saudi export routes.
Sources
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