A Bloomberg survey showed OPEC crude output fell by 1.22 mln b/d in May to 16.33
mln b/d, the lowest in at least 37 years, with roughly half the decline coming
from Iran. Iran's production dropped 710k b/d to 2.34 mln b/d, a five-year low,
as CENTCOM continues to enforce a maritime blockade on all traffic to and from
Iranian ports; Persian Gulf unrest also weighed on output. Data exclude the UAE,
which left OPEC last month.