OPEC oil output lowest since at least 2000 as US blockade squeezes Iran, Reuters survey shows

OPEC oil output lowest since at least 2000 as US blockade squeezes Iran, Reuters survey shows FILE PHOTO: Vessels are anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. REUTERS/Stringer/File Photo/File Photo · Reuters By Alex Lawler Wed, June 10, 2026 at 4:39 PM GMT+2 1 min read CL=F By Alex Lawler LONDON, June 10 (Reuters) - OPEC oil output in May hit its lowest in more than two ‌decades, a Reuters survey found, as a U. S.

naval ‌blockade cut Iran's exports and Iran's effective closure of the Strait of Hormuz ​slashed exports by other Gulf producers. Output by the 11-member Organization of the Petroleum Exporting Countries fell by 1. 06 million barrels per day month-on-month to 16.

13 million bpd, the survey found. That was the ‌lowest monthly figure since ⁠at least 2000, according to Reuters surveys, and well below the levels seen during the COVID-19 pandemic ⁠in 2020 when demand collapsed. The figures exclude the United Arab Emirates which quit OPEC as of May 1.

Iran experienced the biggest ​drop, reflecting ​the impact of the U. S. ​blockade which started on April ‌13, the survey found.

Iran's exports of crude oil and condensate fell to their lowest in at least six years. Saudi Arabia had a further decline, although Iraq was able to increase supply due to increased domestic use, sources in the survey said. Venezuela and ‌Nigeria also pumped more.

Eight members of ​the OPEC+ producer group, which includes ​OPEC plus allies including ​Russia, had agreed to raise production in May, ‌but the Iran war and ​U. S. blockade made ​that impossible.

The Reuters survey is based on flow data from financial group LSEG, information from other companies that track ​flows, such as Kpler, ‌and information provided by sources at oil companies, OPEC ​and consultants.