Saudi Arabia's Oil Output Hits Lowest Level Since 1990
Saudi output fell 1.9 million barrels a day in August as shipping disruptions and regional attacks constrained exports, officials said.
56 Articles
56 Articles
Major oil-producing nations such as Saudi Arabia and Iran appear to have suffered a direct blow, with crude oil production plummeting, as military clashes in the Middle East intensified last month. Amid soaring international oil prices and rising instability in financial markets, domestic and international oil-related exchange-traded funds (ETFs) surged by more than 5%.
The Saudi East-West oil pipeline may have been attacked, according to a report from the Dubai-based newspaper Gulf News. Satellite imagery and fire detection data point to a possible attack by Yemen's Houthi rebels, backed by Iran. According to Reuters, Houthi fighters took control of the Yemeni port of Mocha on Thursday.
According to a report by Gulf News, Houthi rebels have struck in Saudi Arabia, targeting one of the most sensitive points of power.
The Husitas claim to have attacked the East-West pipeline in Saudi Arabia, as reported by Gulf News.
A series of fires occurred on the East-West strategic oil pipeline linking Saudi Arabia's eastern fields to the Red Sea ports, and according to Middle Eastern media, the attacks could have been carried out by Husites in response to the bombing of their installations in Yemen.
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