OPEC crude production falls to 36-year low in April
Updated
Updated · Bloomberg · May 6
OPEC crude production falls to 36-year low in April
7 articles · Updated · Bloomberg · May 6
Output fell 420,000 barrels a day to 20.55 million, with deeper losses in Kuwait and Iran as the Persian Gulf war disrupted exports.
The decline followed an 8.6 million barrel-a-day plunge in March, when the conflict first shut the Strait of Hormuz, a vital oil shipping route.
The latest drop underscores how the Iran war is prolonging supply disruptions across Gulf producers and keeping OPEC output at its weakest level since 1990.
With a key member gone and war raging, is OPEC's control over the world's oil supply collapsing?
How is Iran profiting from an oil crisis that has crippled global markets and its own production?
If the largest reserve release in history failed, what real options are left to solve this energy crisis?