OPEC Output Plunges Further as U.S. Squeezes Iran
Iran’s exports sank below 300,000 barrels a day in May, and the blockade drove OPEC output to a 37-year low, Bloomberg said.
- Iranian crude oil and condensate exports plummeted to 209,000 barrels per day in May, the lowest level since early 2020, as a United States naval blockade severely squeezed the nation's primary income source.
- The United States naval blockade of the Strait of Hormuz has left roughly 67 million barrels of Iranian crude stranded inside the Gulf and Gulf of Oman, unable to reach buyers as the waterway remains largely closed to commercial traffic.
- Tehran has lost $6bn in revenue over April and May due to the blockade, while China's imports of Iranian crude fell to 1.10 million barrels per day in May as independent refiners cut processing rates.
- With export routes restricted, Iran is storing roughly 147 million barrels of crude on tankers at sea, a strategy analysts warn cannot sustain the economy indefinitely as internal pressure mounts from declining hydrocarbon sales.
- OPEC crude output fell to 16.33 million barrels a day in May, the lowest in at least 37 years, as war disruptions and the United States blockade continue to constrain Middle East supply capacity.
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Trump's Blockade Has Cost Tehran $6bn in Oil Revenue and the Rest of the World Is Feeling It
Iran's crude oil exports fell to their lowest level in six years in May, averaging just 209,000 barrels per day — a sharp decline from nearly 1.9 million barrels per day in March, according to shipping data from Vortexa. The collapse, driven by a US naval blockade enforced since 13 April, has stripped Tehran of nearly $6 billion in oil revenue, with analysts warning the situation is far from over. The scale of the drop — 89% in just two months —…
OPEC's crude oil production fell last month, reaching its lowest level in decades, due to the U.S. blockade of Iran and disturbances in the Persian Gulf, which continued to limit production. Production of its current 11 members decreased by 1.22 million barrels per day, to 16.33 million barrels per day in May, and according to a Bloomberg survey, Iran accounted for more than half of this fall. This was the lowest level in at least 37 years. Data…
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