Saudi oil output hits a low

Saudi Arabia's oil production is at its lowest level since the start of the year, after Houthi rebels threatened to attack tankers sailing through the Red Sea. Output has fallen from 11 million barrels per day before the war to 6.2 million barrels per day in August, down 23% on July. Oil exports dropped from 5.1 million barrels per day in July to 3.2 million in August. With limited storage capacity, Saudi Arabia had no choice but to cut production. Red Sea transit had allowed the kingdom to hold output at 80% of its pre-war level in June and July.