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

By Alex Lawler

LONDON, June 10 (Reuters) - OPEC lipid output successful May deed its lowest successful much than 2 ‌decades, a Reuters survey found, arsenic a U.S. naval ‌blockade chopped Iran's exports and Iran's effectual closure of the Strait of Hormuz ​slashed exports by different Gulf producers.

Output by the 11-member Organization of the Petroleum Exporting Countries fell by 1.06 cardinal barrels per time month-on-month to 16.13 cardinal bpd, the survey found.

That was the ‌lowest monthly fig since ⁠at slightest 2000, according to Reuters surveys, and good beneath the levels seen during the COVID-19 pandemic ⁠in 2020 erstwhile request collapsed.

The figures exclude the United Arab Emirates which discontinue OPEC arsenic of May 1.

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

Iran's exports of crude lipid and condensate fell to their lowest successful astatine slightest six years.

Saudi Arabia had a further decline, though Iraq was capable to summation proviso owed to accrued home use, sources successful the survey said.

Venezuela and ‌Nigeria besides pumped more.

Eight members of ​the OPEC+ shaper group, which includes ​OPEC positive allies including ​Russia, had agreed to rise accumulation successful May, ‌but the Iran warfare and ​U.S. blockade made ​that impossible.The Reuters survey is based connected travel information from fiscal radical LSEG, accusation from different companies that way ​flows, specified arsenic Kpler, ‌and accusation provided by sources astatine lipid companies, OPEC ​and consultants.

(Reporting by Alex Lawler; further reporting by Ahmad ​Ghaddar, editing by Jason Neely)