FX.co ★ Saudi Arabia Oil Output Lowest since 2020

Saudi Arabia’s oil supply to the market dropped to 7,763 thousand barrels per day in March 2026, the lowest level since June 2020 and down 2,348 tb/d from 10,111 tb/d in February, according to OPEC data, as the Middle East conflict sharply curtailed exports. Crude production likewise fell to 6,967 tb/d from 10,882 tb/d. Comparable declines were recorded across the region: Iraq’s supply slid to 1,906 tb/d from 4,140 tb/d, Kuwait’s to 1,200 tb/d from 2,580 tb/d, and the UAE’s to 1,908 tb/d from 3,390 tb/d. The six-week closure of the Strait of Hormuz has forced producers to rein in output, tightening global supplies. Tensions intensified after US President Donald Trump threatened to block Iranian oil flows following failed negotiations, prompting warnings of retaliation from Tehran. In response to weakening fundamentals, OPEC trimmed its global oil demand outlook for the second quarter by 500,000 barrels per day but left its full-year forecast unchanged, with producers scheduled to reassess output plans on May 3.