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Saudi Arabia reported to OPEC that its crude oil production plunged again last month, hitting the lowest since 1990 as renewed hostilities between the US and Iran squeezed the kingdomโs export routes.
OPECโs crude oil production tumbled in August, snapping a two-month recovery, as output from group leader Saudi Arabia was curbed by threats to both of its export routes, according to a Bloomberg survey.
Major OPEC+ nations stuck with their plan to keep oil production quotas unchanged, while the Iran war continues to shutter vast swathes of output in the Middle East.