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Saudi Arabia Oil Output Lowest since 2020
Saudi Arabia’s oil supply to the market fell to 7,763 thousand barrels per day in March 2026, the lowest since June 2020, down by 2,348 tb/d from 10,111 tb/d in February, according to OPEC data, as the Middle East conflict severely disrupted exports. Production also dropped to 6,967 tb/d from 10,882 tb/d. Similar declines were seen across the region, with Iraq’s supply falling to 1,906 tb/d from 4,140 tb/d, Kuwait to 1,200 tb/d from 2,580 tb/d, and the UAE to 1,908 tb/d from 3,390 tb/d. The six-week closure of the Strait of Hormuz has forced producers to curb output, tightening global supply. Tensions escalated further after US President Donald Trump threatened to block Iranian flows following failed talks, prompting warnings of retaliation from Tehran. OPEC cut its global demand outlook for the second quarter by 500,000 barrels per day, while maintaining its full-year forecast, with producers set to review output plans again on May 3.