- Saudi Arabia’s oil production has fallen by 42% since February, reaching 6,316 million barrels per day in April. This is the lowest level since 1990.
- The war in Iran continues to hamper exports from the Persian Gulf, and OPEC oil production has fallen by 1,727 million barrels per day.
Saudi Arabia informed OPEC that its oil production fell to 6,316 million barrels per day in April, the lowest level since 1990. The sharp drop was caused by the war in Iran, which continues to disrupt oil supplies through the Persian Gulf.
Saudi Arabia’s oil production has fallen by a whopping 42% since February, the largest decline since Iraq invaded Kuwait 36 years ago.
According to monthly report OPEC said the kingdom’s crude oil production fell by about 651,000 barrels per day compared with the previous month.
Total production by member countries fell by 1,727 million barrels per day to 18,98 million barrels per day. This demonstrates that the damage was felt not only by Saudi Arabia. However, the kingdom accounted for almost half of this decline.
The second-worst OPEC country was Kuwait, whose production fell roughly in half to 600,000 barrels per day, according to According to OPEC.
In addition to the unstable production situation in April, in the same month the UAE authorities announced the, which intends to leave the organization after 60 years of membership. Analysts attribute this decision to possible agreements with the United States aimed at providing the market with cheap oil.
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