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OPEC's production in May fell to its lowest level in more than 20 years, as Iranian exports declined due to the U.S. blockade of ports and the closure of the Strait of Hormuz. This resulted in a daily decrease of 1.06 million barrels, bringing the total to 16.13 million barrels. Data showed that Iran's exports dropped to their lowest level in six years, although some countries like Iraq benefited from increasing domestic consumption and higher production. This decline comes amid global oil supply disruptions and the impacts of sanctions, with oil prices rising significantly in international markets.
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