OPEC oil output falls to two-decade low amid Hormuz disruption
after close1 source ↓written by the desknot a recommendation
- in April
- 20.04 million bpd
- month-on-month
- 830,000 bpd
OPEC oil output dropped to 20.04 million bpd in April, a decline of 830,000 bpd month-on-month, marking the lowest level in over 20 years. This significant reduction is attributed to the closure of the Strait of Hormuz due to the ongoing U.S.-Israeli conflict with Iran, impacting exports across the region.
The disruption raises concerns about global oil supply and may lead to increased volatility in crude prices, affecting traders' strategies in the energy sector. ⚡
Not investment advice. For informational purposes only.