The oil production of OPEC collapsed in April to 1990 levels, due to warfare and blocking of exports.
The activity of the Organization of Petroleum Exporting Countries has slid to a decades-low, as the armed conflict in Iran continues to cause serious obstacles to the flow of fuel.
According to a Bloomberg survey, production fell by 420,000 barrels a day, retreating to 20.55 million barrels, the lowest since 1990.
The biggest losses were in Kuwait and Iran, while the already-stressed situation since March, when the Hormuz Straits were closed, has led to an unprecedented disruption in the global market.
The supply shortage has caused a rapid rise in prices for diesel, petrol and jet fuel, intensifying fears of a new wave of inflation and a global economic recession.
Despite the volatility, futures fell 7% in London on May 6, 2026, amid reports of a possible diplomatic solution and an imminent agreement between the parties involved.
At the same time, the agency is reeling from the decision by the United Arab Emirates to pull out after long-running friction with Saudi Arabia over production quotas.
At the state level, Kuwait saw its production cut to a third of pre-war levels, with its exports plummeting to 22,000 barrels a day.
Iran is now under significant pressure as well, as the US blockade begins to pay off, curbing shipments.
The U.S. Central Command said that 50 ships have been redirected since mid-April, causing Iranian production to fall to 3.05 million barrels, doubling its rate of decline since the start of the war.
