Reuters Survey Shows OPEC Oil Output At 26-Year Low Amid Iran War

OPEC oil output has declined to its lowest level since 2000, with production falling by 830,000 barrels per day (bpd) to an average of 20.04 million bpd in April, according to a Reuters survey published Monday. Kuwait recorded the largest production drop, with reports indicating it exported zero crude in April thanks to its total reliance on the Strait of Hormuz. Saudi Arabia and Iraq also saw significant output decreases as they were forced to shut-in production. Saudi production dropped towards 7 million barrels per day (bpd) following attacks…