Saudi Crude Exports Plunge 33% as Oil Prices Jump More Than 6%

Sep 10, 2026 12:03 (45d ago)

Saudi Arabia’s August crude exports fell about 33% to 3.03 million barrels a day, while production declined about 23% to approximately 6.23 million barrels a day.
On September 10, Brent settled at $107.63 a barrel and WTI at $102.48, with both contracts closing at their highest levels since May 19.
Red Sea shipping risks, persistent inflation and higher borrowing costs increased concerns about prolonged pressure on markets, economic activity and Carnival Corp.

Saudi Arabia’s crude exports fell about 33% to 3.03 million barrels a day in August, while production declined about 23% to approximately 6.23 million barrels a day, according to an OPEC report. Red Sea shipping disruptions and an escalating Houthi threat around the Bab el-Mandeb Strait helped push Brent and West Texas Intermediate futures more than 6% higher on September 10, to $107.63 and $102.48 a barrel, respectively, their highest levels since May 19. Renewed inflation concerns, higher government bond yields and expectations of further interest-rate increases raised the risk of prolonged pressure on economic activity, equities and debt-laden companies such as Carnival Corp., while Saudi exports could fall further in September.