• Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices.
• Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show. That compares with a revised 6.3 million barrels a day in July. Shipments to most major destinations, including China and the US, plummeted to multiyear lows.
• The Organization of Petroleum Exporting Countries and allies including Russia are restricting supply in order to buttress the market, particularly amid signs of lackluster demand in major oil consumer China.

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