Rory Johnston
But by far the most interesting piece of data in this report is a direct communication from Saudi Arabia stuffed in a footnote—Saudi crude **production** cratered through August to the lowest level since 1990. The “official” numbers reflect Saudi “supply to market”, but Riyadh also noted (see highlight below) that actual production crashed 1,897 kbpd from July to 6,238 kbpd in August as the Houthi maritime ban mucked up reroute Saudi logistics and attacks hit infrastructure.
Rory Johnston
OPEC’s latest official secondary source crude production estimated for the OPEC+ membership show: 1. -399 kbpd decline in Iranian production 2. +664 kbpd gain in Iraqi production (in line with its successful Hormuz shuttle efforts) 3. -75 kbpd decline in Saudi output 4. Almost equal ~160 kbpd rise/fall in Kazakh/Russian output
