OPEC Crude Oil Production Falls to 37-Year Low in May, Down 1.22M Barrels Daily

According to a Bloomberg survey released June 5, OPEC crude oil production dropped to 16.33 million barrels per day in May, marking the lowest level in at least 37 years. Daily output fell by 1.22 million barrels, with Iran accounting for roughly half of the decline.

Iran's crude production plummeted to 2.34 million barrels per day, the lowest in five years, down 0.71 million barrels. The U.S. Central Command continues to enforce a blockade on all maritime traffic to and from Iranian ports, while regional turmoil in the Persian Gulf further suppressed production.