OPEC oil production in May falls to lowest in at least 26 years - Reuters
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OPEC oil production in May fell to its lowest level since at least 2000, a Reuters poll showed. The U.S. embargo has limited Iran's exports, while disruptions to shipping through the Strait of Hormuz have cut supplies to other Gulf producers. Earlier, a Bloomberg survey pointed to the strongest decline in crude production in 37 years.
Details
Total oil production in the 11 OPEC member countries in May 2026 fell by 1.06 million bpd from April to 16.13 million bpd, Reuters reported in a survey. That's the lowest since at least 2000, far behind even the rate during the pandemic in 2020, the agency noted. The Reuters poll is based on oil flow data from research group LSEG, information from other flow-tracking companies such as Kpler, and information provided by sources at oil companies, OPEC itself and consultants.
The largest reduction in production in May fell on Iran. According to Reuters, oil exports from this country after the beginning of the U.S. naval blockade on April 13 fell to the lowest level in at least six years. A decrease in production was also recorded in Saudi Arabia. At the same time, some countries were able to partially compensate for the fall. Iraq increased production due to the growth of domestic consumption. Venezuela and Nigeria also increased production. An additional factor in the decline in oil production was the change in the cartel's composition: the May statistics did not include data from the United Arab Emirates, which left OPEC on May 1.
Earlier, Bloomberg reported a 1.22 million bpd drop in OPEC oil production in May to 16.33 million barrels, the lowest since at least 1989, according to its survey.
Context
The supply reduction occurred despite the OPEC+ alliance members' plans to increase production. Eight countries of the group had previously agreed to increase production in May. However, the war between the U.S. and Iran and restrictions on exports through the Strait of Hormuz made the realization of these plans impossible, notes Reuters. Members of the cartel on Sunday June 7, agreed on the fourth increase in oil production quotas since the war began.
This article was AI-translated and verified by a human editor
