Saudis Tell OPEC That Oil Output Sank Again to Lowest Since 1990

Saudi Arabia reported to OPEC that its crude oil production collapsed further last month to the lowest since 1990, as the Iran war choked off exports from the Persian Gulf.

The kingdom told the organization that output fell by another 651,000 barrels a day in April to 6.316 million a day, according to a monthly report from OPEC’s secretariat obtained by Bloomberg on Wednesday. It brings the loss since February to 42%, and marks the lowest level since the start of the Gulf War 36 years ago, when OPEC nation Iraq invaded fellow member Kuwait.