OPEC’s Middle East Oil Flows Shrivel in Wake of Attacks on Saudi
- Shipments shrink to the smallest since OPEC+ cuts introduced
- Flows from Saudi Arabian terminals declined by 6% in September
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Crude supplies from OPEC’s Middle East oil exporters fell to their lowest level since OPEC+ output cuts were introduced in January 2017 after an attack on two of Saudi Arabia’s largest oil processing facilities halted more than half the country’s oil production.
Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Iran, which together account for about three quarters of OPEC’s entire production, shipped an average of 14.81 million barrels a day of crude and condensate in September, tanker tracking data compiled by Bloomberg show. That was a drop of 736,000 barrels a day from August.