OPEC Reports 30% Decline in Oil Production Amid Hormuz Closure

OPEC reported a more than 30% drop in oil production among member countries, amounting to approximately 9.7 million barrels per day since the onset of the Iran war in late February. The cartel revised its demand growth forecast for 2026 down to 1.2 million barrels per day, from 1.4 million bpd. In April alone, OPEC production fell by 1.7 million bpd after a March decline of 7.9 million bpd. Consequently, oil inventories decreased by 250 million barrels over March and April, indicating potential price volatility as summer demand approaches.