OPEC crude production fell to its lowest level since 2000, driven by voluntary cuts and the UAE’s exit from the group.
OPEC crude oil production averaged 16.13 million barrels per day in May, the lowest level since 2000. The decline reflects ongoing voluntary output cuts by member nations and the recent departure of the UAE from the group.
The May figure is below OPEC’s production during the peak of Covid-19 lockdowns, when demand collapsed. Analysts noted the drop occurred despite a gradual recovery in global oil consumption, signaling tighter supply conditions.
The data excludes the UAE, which left OPEC at the start of June, further reducing the group’s collective output capacity.