OPEC production fell by 1.06 million barrels per day in May to 16.13 million bpd, the lowest in over two decades due to U.S. sanctions on Iran.
OPEC’s oil output in May declined to its lowest level since at least 2000, driven by a U.S. naval blockade on Iran and disruptions in the Strait of Hormuz. The 11-member group’s production fell by 1.06 million barrels per day to 16.13 million bpd, below pandemic-era lows in 2020.
The drop was led by Iran, where exports hit a six-year low following the April 13 blockade. Saudi Arabia also saw declines, while Iraq and Venezuela increased output slightly. OPEC+ plans to raise production were thwarted by the conflict.
The survey, based on shipping data and industry sources, excludes the UAE after its exit from OPEC on May 1.