A Reuters survey showed OPEC crude output fell 1.06 mln bpd in May to 16.13 mln
bpd, the lowest monthly level since 2000 and well below 2020 pandemic lows. The
decline US naval blockade measures reflects affecting Iranian exports since
April 13 and an effective closure of the Strait of Hormuz that sharply cut other
Gulf flows. Iran's crude and condensate exports fell to at least a six-year low.
Data exclude the UAE, which left OPEC on May 1. Sources said Iraq boosted
shipments to meet higher domestic demand, Saudi output fell further, while
Venezuela and Nigeria increased production.