Saudi oil output hits lowest since 1990 amid Middle East supply disruptions

Saudi Arabia reported to OPEC that its crude oil production has plunged to the lowest levels since 1990. This significant slump is attributed to renewed hostilities between the US and Iran, which have squeezed the kingdom's export routes. These Middle East supply disruptions may lead to higher global oil prices, potentially impacting overall economic stability and influencing geopolitical strategies. The decline reflects a critical drop in output amid ongoing regional tensions affecting the global energy market.