PRICES TO SOAR: Saudi Crude Oil Exports Plummet As OPEC Giant Slashes Production

Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices.
Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show. That compares with a revised 6.3 million barrels a day in July. Shipments to most major destinations, including China and the US, plummeted to multiyear lows.
The Organization of Petroleum Exporting Countries and allies including Russia are restricting supply in order to buttress the market, particularly amid signs of lackluster demand in major oil consumer China.