OPEC oil output ‌in May hit its lowest in more than two decades, according to a Reuters survey.

The 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.

The development followed U.S. naval blockade that 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.

 

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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, the report quoted sources in ​the survey as saying.

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.

 

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