The oil production<\/b> of OPEC<\/b> collapsed in April to 1990<\/b> levels, due to warfare and blocking<\/b> of exports<\/b>.<\/p>\n
The activity of the Organization of Petroleum Exporting Countries<\/b> has slid to a decades-low, as the armed conflict<\/b> in Iran<\/b> continues to cause serious obstacles to the flow of fuel. <\/p>\n
According to a Bloomberg survey, production fell by 420,000 barrels a day, retreating to 20.55 million barrels<\/b>, the lowest since 1990. <\/p>\n
The biggest losses were in Kuwait<\/b> and Iran<\/b>, while the already-stressed situation since March, when the Hormuz Straits<\/b> were closed, has led to an unprecedented disruption in the global market.<\/p>\n
The supply shortage has caused a rapid rise in prices<\/b> for diesel<\/b>, petrol and jet fuel, intensifying fears of a new wave of inflation<\/b> and a global economic recession. <\/p>\n
Despite the volatility, futures fell 7% in London on May 6, 2026, amid reports of a possible diplomatic solution<\/b> and an imminent agreement between the parties involved. <\/p>\n
At the same time, the agency is reeling from the decision by the United Arab Emirates<\/b> to pull out after long-running friction with Saudi Arabia over production quotas.<\/p>\n
At the state level, Kuwait saw its production cut to a third<\/b> of pre-war levels, with its exports plummeting to 22,000 barrels a day. <\/p>\n
Iran<\/b> is now under significant pressure as well, as the US blockade begins to pay off, curbing shipments. <\/p>\n
The U.S. Central Command<\/b> 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<\/b>.<\/p>\n","protected":false},"excerpt":{"rendered":"
Opec’s oil production collapsed in April to 1990 levels because of war operations and an export blockade.
\nIn …<\/p>\n","protected":false},"author":1,"featured_media":4341,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"acf":[],"_links":{"self":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/4340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4340"}],"version-history":[{"count":0,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/4340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/media\/4341"}],"wp:attachment":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}