Saudi oil production falls to lowest level since 1990 amid Hormuz disruption

Saudi Arabia informed OPEC that its crude oil production dropped sharply in April to its lowest level since 1990, amid disruptions linked to the US-Israeli war against Iran and the closure of the Strait of Hormuz. According to a monthly OPEC report cited by Bloomberg, Saudi production declined by 651,000 barrels per day last month, falling to 6.316 million barrels per day. Bloomberg reported that Saudi crude production has fallen by roughly 42 per cent since February, marking the kingdom’s lowest output level since the Gulf War in 1990 following Iraq’s invasion of Kuwait. READ: Saudi expert says UAE exit from OPEC to have limited impact on oil markets The decline comes amid wider disruptions affecting Gulf oil exports after Iran […]