OPEC oil production down 30%

The closure of the Strait of Hormuz has cut OPEC oil production by 30% as of May 2026. OPEC production has fallen by 1.7 million bps in April after output plunged by 7.9 million bpd in March. As of today, the total supply loss from Gulf oil producers now exceeds a billion barrels with more than 14 million bpd shut down due to the Hormuz’s closure. While Saudi Arabia and the UAE have export contingencies in their pipelines and ports, these are not sufficient alternatives to the Strait of Hormuz.