What was OPEC's total oil output in May, and why was it the lowest since 2000?

OPEC's total oil output in May fell to 16.13 million barrels per day (bpd), a drop of 1.06 million bpd month-on-month, marking the lowest monthly figure since at least 2000 according to Reuters surveys — lower even than during the demand collapse of the COVID-19 pandemic in 2020. This historic low was driven primarily by the U.S. naval blockade against Iran, which began on April 13 and drastically curtailed Iran's crude and condensate exports to their lowest level in at least six years, and by Iran's effective closure of the Strait of Hormuz, which disrupted exports from other Gulf producers. The exclusion of the United Arab Emirates — which quit OPEC as of May — also contributed to the reduced aggregate output figure.

How did the U.S. blockade and regional tensions affect individual OPEC members' production in May?

The U.S. naval blockade directly caused Iran's crude oil and condensate exports to fall to their lowest in at least six years, making it the largest contributor to OPEC's overall output decline. Saudi Arabia also recorded a further decline in output, while Iraq increased supply due to higher domestic consumption, according to sources cited in the Reuters survey. Venezuela and Nigeria similarly pumped more oil in May. Although eight members of the broader OPEC+ group (which includes Russia and other allies) had agreed to raise production that month, the outbreak of conflict involving Iran and the enforcement of the U.S. blockade rendered that commitment unfeasible. The survey data draws on flow information from LSEG, Kpler, and direct inputs from oil companies, OPEC, and industry consultants.

OPEC Oil Output Lowest Since 2000 as US Blockade Squeezes Iran, Reuters Survey Shows

Jun 10, 2026

OPEC oil output hit its lowest level since 2000 in May, falling 1.06 million barrels per day to 16.13 million bpd. A U.S. naval blockade on Iran and Strait of Hormuz disruptions drove the decline among Gulf producers.

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