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The Economic Times
The Economic Times
Business

OPEC oil output lowest since at least 2000 as US blockade squeezes Iran: Report

OPEC Iran Oil United States

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.

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