OPEC’s 11 members cut output by 1.22 million bpd to 16.33 million bpd in May—the lowest in 37 years—as Iranian exports plunged 710,000 bpd to 2.34 million on a US maritime blockade. Saudi output fell 240,000 bpd to 6.57 million while UAE production rose 300,000 bpd to 2.44 million, and OPEC+ plans 188,000 bpd quota rise in July plus two increases.
OPEC’s 11 current members reduced crude production by 1.22 million barrels per day in May, bringing total output down to 16.33 million barrels per day—its lowest level in at least 37 years.
Iran recorded the largest decline, with production falling 710,000 barrels per day to a five-year low of 2.34 million barrels per day as US forces enforce a maritime blockade of its ports.
Saudi Arabia cut output by 240,000 barrels per day to 6.57 million, Kuwait’s production dropped 310,000 barrels per day to 490,000, while UAE increased output by 300,000 barrels per day to 2.44 million.
Delegates indicate plans to raise alliance quotas by 188,000 barrels per day in July, followed by two further increases in August and September to gradually restore halted output.
