OPEC oil output lowest since at least 2000 as US blockade squeezes Iran, Reuters survey shows

LONDON, June 10 (Reuters) - OPEC oil output in May hit its lowest in more than two ‌decades, a Reuters survey found, as a U.S. naval ‌blockade cut Iran's exports and Iran's effective closure of the Strait of Hormuz ​slashed exports by other Gulf producers.

Output by the 11-member Organization of the Petroleum Exporting Countries fell by 1.06 million barrels per day month-on-month to 16.13 million bpd, the survey found.

That was the ‌lowest monthly figure since ⁠at least 2000, according to Reuters surveys, and well below the levels seen during the COVID-19 pandemic ⁠in 2020 when demand collapsed.

The figures exclude the United Arab Emirates which quit OPEC as of May 1.

Iran experienced the biggest ​drop, reflecting ​the impact of the U.S. ​blockade which started on April ‌13, the survey found.

Iran's exports of crude oil and condensate fell to their lowest in at least six years.

Saudi Arabia had a further decline, although Iraq was able to increase supply due to increased domestic use, sources in the survey said.

Eight members of ​the OPEC+ producer group, which includes ​OPEC plus allies including ​Russia, had agreed to raise production in May, ‌but the Iran war and ​U.S. blockade made ​that impossible.The Reuters survey is based on flow data from financial group LSEG, information from other companies that track ​flows, such as Kpler, ‌and information provided by sources at oil companies, OPEC ​and consultants.