Saudi Crude Output Drops to 30-Year Low as Non-Gulf Producers Surge

Saudi Arabia's crude oil production has fallen to its lowest level in three decades, according to recent data. Non-Gulf oil-producing nations have significantly ramped up their output during this period. The International Energy Agency reports that these non-Gulf producers have collectively raised production by 2.3 million barrels per day since February, when a major conflict began. This surge in output from outside the Gulf region appears to be offsetting reduced Saudi supply in global markets.