15.06.202600:53 Forex Analysis & Reviews: Oil Production by OPEC Countries Falls to Lowest Levels Since 2000

Oil production by OPEC members has reached its lowest level since 2000, totaling just 16.13 million barrels per day this year, according to a regular survey conducted by OPEC, as reported by Reuters. This figure marks the lowest since 2000.

The data for May also reflects a decline relative to OPEC's figures at the peak of the COVID-19 pandemic, when cuts were prompted by a sharp drop in demand due to lockdowns. It is important to note that the May data does not include volumes produced by the United Arab Emirates, which exited the organization on May 1.

According to the Reuters survey, the largest reductions in production are observed in Iran, whose exports have fallen to their lowest level in six years due to the naval blockade imposed by the US following Iran's closure of the Strait of Hormuz. This closure has also impacted oil production in other Gulf countries.

In Iraq, the second-largest producer among OPEC countries, supplies from southern fields have decreased by 70% since the onset of military actions by the US and Israel against Iran, averaging 1.3 million barrels per day compared to 4.3 million barrels per day before the conflict began.

At the same time, Venezuela and Nigeria are seeing production increases, linked to their distance from military operations in the Middle East. In May, Venezuela exported about 1.25 million barrels per day, which is 0.7% higher compared to April's data (1.23 million barrels per day) and 61% higher than figures from May 2025. In Nigeria, oil and condensate production in May reached 1.66 million barrels per day, while crude oil production increased to 1.49 million barrels per day, slightly below the established OPEC+ quota.

Earlier this month, OPEC+ increased its total production quota by 188,000 barrels per day in July, bringing the total increase to 600,000 barrels per day since April. However, this increase remains merely on paper, as actual production continues to be limited by the ramifications of the war.