Oil production among OPEC countries has fallen to its lowest level in 36 years, according to figures reported by Bloomberg. The decline is directly linked to the war in Iran, which has severely disrupted exports and forced production shutdowns in several member states.
In April, OPEC output dropped by 420,000 barrels per day, bringing total production to 20.6 million barrels per day. This level has never been seen since 1990. The steepest decline occurred in Kuwait, where production fell to less than a third of pre‑war levels. Iran itself saw a reduction of 180,000 barrels per day.
United States
While OPEC output shrank, the United States reached a record high in exports of oil products, shipping 8.2 million barrels per day, according to the U.S. Energy Information Administration. With the Strait of Hormuz largely closed, many countries have turned to the U.S. for supplies.
The oil market was further shaken when the United Arab Emirates unexpectedly withdrew from OPEC last week. The UAE, a U.S. ally, had criticised other Arab nations for not offering sufficient protection against Iranian attacks. The country said its departure serves its national interest.
Despite the turmoil, OPEC+ announced a planned production increase of 188,000 barrels per day starting in June. However, analysts view the move as largely symbolic, given the ongoing disruptions and the near‑closure of the Strait of Hormuz.
@anp | NEWSBRAINPORT
