Survey: OPEC crude oil output in May drops to at least a 37-year low

Golden Ten Data reported on June 5 that, according to a Bloomberg survey, OPEC crude oil production in May dropped to its lowest level in decades due to the ongoing U.S. blockade against Iran and persistent instability in the Persian Gulf region, which continue to suppress production. OPEC's daily oil output decreased by 1.22 million barrels in May (with Iran accounting for half of the reduction), falling to 16.33 million barrels per day, marking the lowest level in at least 37 years. This data does not include the United Arab Emirates, which withdrew from OPEC after last month. The survey indicated that Iran's daily oil output plummeted to 2.34 million barrels last month, a five-year low with a decrease of 710 thousand barrels. The United States Central Command continues to enforce a blockade on all maritime traffic entering and leaving Iranian ports.