Key facts
- OPEC crude output fell last month.
- Output hit its lowest level in decades.
- US blockade of Iran is cited as a reason for the decline.
- Disruptions in the Persian Gulf also contributed to lower production.
OPEC crude output experienced a significant decline last month, reaching its lowest level in decades. This reduction in production is primarily attributed to the tightening US naval blockade on Iran and ongoing disruptions within the Persian Gulf. These factors have collectively curbed the production capabilities of OPEC member nations.