Iraq benefited and Iran suffered the most from the decline in oil production during May.
Iraq benefited and Iran suffered the most from the decline in oil production during May.
2026-06-11
Shafaq News – Baghdad
In May 2026, the Organization of the Petroleum Exporting Countries (OPEC) recorded its lowest level of oil production since at least 2000, affected by the repercussions of geopolitical tensions and the US embargo on Iran, while Iraq stood out among the countries that managed to increase oil supplies during the past month.
According to a Reuters survey, production from the 11 OPEC member countries fell by 1.06 million barrels per day on a monthly basis, to 16.13 million barrels per day, the lowest monthly level recorded by the organization in more than two decades.
The survey indicated that Iran recorded the largest drop in production as a result of the US embargo that began on April 13, which led to its exports of crude oil and condensates falling to their lowest levels in at least six years.
In contrast, Iraq was able to increase its oil supplies, driven by higher domestic consumption, while Saudi Arabia saw a further decline in production, and both Venezuela and Nigeria raised their pumping levels.
The Gulf states’ production was also affected by Iran’s de facto closure of the Strait of Hormuz, which impacted the movement of oil exports in the region. Although eight members of the OPEC+ alliance, including Russia, agreed to increase production during May, the Iranian war and the American embargo limited the implementation of those increases.
The survey was based on oil flow data and information from companies that track oil shipments, along with sources within energy companies and OPEC.
shafaq.com
