OPEC Oil Production Hits 36-Year Low Due to Iran Conflict and Gulf Supply Cuts
OPEC's crude oil production has fallen to its lowest level in 36 years, with output declining by 420,000 barrels per day to 20.55 million barrels per day in April. This decrease is primarily due to the ongoing conflict in Iran, which has severely disrupted exports from the Persian Gulf. The closure of the Strait of Hormuz has led to the largest oil-market disruption in history, significantly impacting global oil supply. The situation has caused a surge in the prices of jet fuel, diesel, and gasoline, raising concerns about inflation and the potential for a global recession. The United Arab Emirates' recent decision to leave OPEC further complicates the situation, as the organization faces internal challenges and external pressures. 
