OPEC Reports Sharp Drop in Oil Production Amid Hormuz Closure
Oil production among OPEC members has fallen by over 30%, or 9.7 million barrels per day, since the start of the Iran war in late February. The cartel also revised its demand growth forecast for 2026 downward to around 1.2 million bpd from a previous estimate of 1.4 million bpd due to supply disruptions caused by the Hormuz closure.
Topics: global oil demand Hormuz blockade oil production decline OPEC