Global Oil Production Sinks to New Lows After Hormuz Strait Closure

Global oil production plummeted in April due to the closure of the Hormuz Strait. The total decline was 1,026 kb/d to 75,281 kb/d. Saudi Arabia was the largest contributor to this drop, accounting for a staggering 900 kb/d reduction.

The US was not immune to these effects, with global oil output excluding the US decreasing by 1,276 kb/d to 61,314 kb/d in April.

The May production is expected to be even lower, at 60,305 kb/d. This suggests that the oil industry may face continued challenges as it navigates this complex geopolitical situation.