What was OPEC's crude oil production in April, and why is it significant?

OPEC's crude production fell to 20.55 million barrels a day in April, the lowest level in 36 years — since 1990 — according to a Bloomberg survey. This historic low was driven by steep output declines in Kuwait (down 470,000 bpd to 800,000 bpd) and Iran (down 180,000 bpd to 3.05 million bpd), amid the ongoing Iran war, closure of the Strait of Hormuz, and US enforcement actions including the redirection of 50 vessels since April 13.

How did the Iran war and Strait of Hormuz closure impact global oil markets and OPEC dynamics?

The Iran war triggered the biggest oil-market disruption in history, choking off Persian Gulf exports and forcing widespread production shut-ins — causing OPEC’s output to plunge by 8.6 million bpd in March alone. The resulting supply loss has driven up jet fuel, diesel, and gasoline prices, threatening renewed inflation and global recession; meanwhile, the crisis accelerated geopolitical fractures within OPEC, culminating in the UAE’s announced exit effective May 1, following long-standing tensions with Saudi Arabia over production limits.

OPEC Output Falls to New 36-Year Low on Iran War, Survey Shows

May 6, 2026

OPEC crude production dropped to a 36-year low in April due to the ongoing Iran war disrupting Persian Gulf exports. The supply shock has boosted fuel prices and threatens global inflation despite some nominal quota increases planned for June.

bloomberg

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