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Saudi Oil Production Drops to 1990 Low Amid Hormuz Strait Disruptions

GateNews

2026-05-18 06:16:07

According to Iraq’s Oil Ministry and market data as of May 18, Saudi oil production has fallen to its lowest level since 1990, driven by ongoing Hormuz Strait disruptions. Iraq exported 10 million barrels of crude oil through the strait in April. The United States maintains sanctions on Russian oil sales despite unresolved tensions in the region, while the U.S. Department of Energy announced plans to replenish strategic reserves at a 1.2-to-1 barrel ratio.

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