OPEC Output Falls to New 36-Year Low on Iran War, Survey Shows

OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey.

Output from the Organization of the Petroleum Exporting Countries declined by 420,000 barrels a day to 20.55 million a day in April, the lowest since 1990, driven by deeper losses in Kuwait and Iran, the survey showed. The group’s production had already plunged by 8.6 million barrels a day in March, the biggest slump in decades, when the conflict first shuttered the Strait of Hormuz waterway.