OPEC Output Falls to 20‑Year Low Amid US Blockade, Nigeria Boosts Production

OPEC’s crude oil output fell to 16.13 million barrels per day in May, the lowest level since at least 2000, according to a Reuters survey based on flow data from LSEG, Kpler and oil‑company sources. The drop of 1.06 million bpd month‑on‑month followed a U.S. naval blockade that began on April 13, which cut Iran’s exports and prompted Iran to effectively close the Strait of Hormuz, slashing Gulf supplies. The UAE left OPEC on May 1, so its volumes are excluded from the figure.

Iran suffered the biggest cut, while Saudi Arabia also saw a decline. Iraq increased output due to higher domestic use, and Venezuela and Nigeria pumped more. Despite an OPEC+ agreement to raise production in May, the Iran‑U.S. clash made the increase impossible.

For Nigeria, higher output could support government revenue, but global oversupply pressure may keep prices weak, affecting the national budget and fuel costs. Watch for changes in Brent crude prices and any official statements from NNPC on revenue expectations. Will Nigeria’s extra barrels translate into stronger public finances, or will low oil prices limit the benefit?

SOURCE: https://www.channelstv.com/2026/06/11/opec-may-output-lowest-since-2000/