OPEC output hits 2000 low
OPEC's oil production reached its lowest level in more than two decades in May 2026, decreasing by 1.06 million barrels per day to 16.13 million barrels. This decline was due to Iran's reduced exports following the American blockade of its ports and the closure of the Strait of Hormuz. Iran's oil exports dropped to their lowest level in six years, while Saudi Arabia's production further declined. Meanwhile, Iraq, Venezuela, and Nigeria increased their output. Oil prices rose, with Brent crude reaching $93.25 per barrel and W.T.O. crude at $90.18 per barrel, as markets continued to react to supply disruptions in the Gulf.
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