Global oil supplies have suffered a historic blow, with OPEC production in May plummeting to its lowest level in over two decades.
The dramatic collapse comes as a U.S. naval blockade chokes off Iranian exports, while Iran's effective closure of the critical Strait of Hormuz chokepoint has severely disrupted shipments from neighboring Gulf producers, News.Az reports, citing Reuters.
Output from the 11-member Organization of the Petroleum Exporting Countries fell by a massive 1.06 million barrels per day (bpd) month-on-month, dropping to just 16.13 million bpd. This marks the lowest monthly production level recorded by Reuters surveys since at least 2000—falling well below the historic lows seen during the 2020 COVID-19 demand crash. The total figures also reflect the departure of the United Arab Emirates, which officially exited OPEC on May 1.
Unsurprisingly, Iran saw the sharpest decline. The U.S. blockade, which commenced on April 13, has successfully squeezed the country's crude and condensate exports down to their lowest levels in at least six years. Saudi Arabia also saw its supply contract further under the pressure of the regional conflict.
The escalating war involving Iran and the U.S. blockade completely derailed a previous agreement by eight OPEC+ members—including Russia—to actually increase oil production in May. Instead, physical constraints in the region made those quotas impossible to meet.
While some nations outside the immediate conflict zone, such as Venezuela, Nigeria, and Iraq, managed to marginally increase their output, it was nowhere near enough to offset the massive supply disruptions in the Persian Gulf.
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