OPEC Oil Production Reaches Decades-Low Level in May

OPEC's crude oil output in May 2026 dropped to its lowest point in 37 years, largely attributed to the U.S. blockade on Iran and disruptions in the Persian Gulf. This significant reduction in supply, with Iran contributing over half the decline, could heighten volatility in global energy markets. Such a decrease in production from a major cartel may influence oil prices, potentially affecting inflation and economic stability.