Global Oil Production Hits Post-War Low Amid War-Driven Disruptions

The global oil production in May reached a post-war low due to disruptions caused by the war. According to recent data, the total world oil production decreased by 1,653 kilobars per day (kb/d) to 73,800 kb/d. This could be the lowest-production month of 2026 so far.

The 'Big 3' - a group comprising major non-OPEC oil producers - saw their May output decline by 323 kb/d to 30,071 kb/d. Canada's oil production also took a hit, decreasing by 193 kb/d in May to 4,857 kb/d, as per the EIA.

The Hormuz Strait closure was a significant contributor to this decrease in world oil production. The strait is a crucial waterway that connects the Persian Gulf to the Gulf of Oman and plays a vital role in global energy trade.