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 a

2026-06-10

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.