Key facts
- OPEC oil output in May reached its lowest point since at least 2000.
- The decline was driven by a U.S. blockade on Iran and the closure of the Strait of Hormuz.
- Iran's crude oil and condensate exports fell to their lowest in at least six years.
- Total OPEC output dropped by 1.06 million barrels per day to 16.13 million bpd in May.
OPEC oil output in May fell to its lowest level since at least 2000, according to a Reuters survey. The decline was primarily attributed to a U.S. naval blockade that significantly reduced Iran's crude oil and condensate exports, which reached their lowest in at least six years.
Additionally, Iran's effective closure of the Strait of Hormuz impacted exports from other Gulf producers. Total OPEC output decreased by 1.06 million barrels per day month-on-month to 16.13 million bpd. This figure is the lowest monthly total recorded in Reuters surveys since at least 2000, even below levels seen during the COVID-19 pandemic in 2020.
While eight members of the OPEC+ group had agreed to increase production in May, the geopolitical tensions and blockade made this target unattainable. Saudi Arabia experienced a further decline in its output, whereas Iraq, Venezuela, and Nigeria managed to increase their supply.