War-driven disruption cuts Saudi oil output as revenue rises 28% in Q2
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War-related disruptions, including attacks and the Strait of Hormuz closure, have cut Saudi output and contracted its oil sector, tightening effective supply even as the Kingdom reroutes some flows via the Yanbu pipeline. Brent's rally has lifted Saudi oil revenue and narrowed the fiscal deficit, but the higher fiscal breakeven oil price underscores sensitivity to sustained elevated crude prices. The news is directly supportive for near-term Brent pricing dynamics.
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Saudi Arabia’s second-quarter crude output dropped sharply as war-related disruptions pushed the oil sector into a contraction of nearly 25%, weighing on the broader economy. Over the same period, Brent crude climbed more than 47% to around $90 a barrel, helping oil revenue rise 28% quarter on quarter. Fiscal data show the Q2 deficit narrowed to $9.1 billion, while the budget breakeven oil price increased to $115 a barrel from $96 last year. The developments have directly affected the global oil market’s supply-and-demand balance.
