OPEC oil output falls to multi-decade low in April due to Hormuz disruptions

OPEC's crude oil production in April plummeted to 20.04 million barrels per day, the lowest in over 25 years, a significant drop from March. This decline is attributed to the closure of the Strait of Hormuz, a critical chokepoint for Persian Gulf exports, triggered by escalating US-Israeli military operations against Iran. Saudi Arabia, Iraq, and Kuwait were particularly affected, with Kuwait experiencing the most severe impact due to its reliance on Gulf export routes. Despite a ceasefire announcement on April 7, production continued to fall. However, the UAE, Venezuela, and Libya managed to increase their output, with the UAE benefiting from alternative export routes and Venezuela and Libya being geographically insulated from the Gulf disruption. The supply shortfall caused oil prices to surge to nearly $120 per barrel, and the market's anxiety is expected to persist without a meaningful reopening of the Strait of Hormuz.

(Source：Crypto Briefing)