Saudi Arabia cuts oil output to lowest this year amid Houthi maritime embargo

Saudi Arabia has reduced oil production to its lowest level this year following Houthi threats of a 'maritime embargo' on its exports, announced in July. The cut reflects direct supply disruption risk in the Red Sea, a key chokepoint for global oil shipments. This development tightens physical oil supply and raises geopolitical risk premium, though the exact production level and duration remain unconfirmed.