OPEC May Production Decline to 16.13 million bpd
In May 2026, the Organization of the Petroleum Exporting Countries (OPEC) reported oil production of 16.13 million barrels per day (bpd), marking the lowest monthly output in more than twenty years and falling below the levels recorded during the 2020 COVID‑19 demand collapse. The decline represents a drop of 1.06 million bpd compared with April 2026. The reported figure excludes the United Arab Emirates, which formally left OPEC on May 1, 2026.
Iran experienced the steepest reduction, with its crude oil and condensate exports falling to the lowest level in at least six years after a U.S. naval blockade commenced on April 13, 2026. Saudi Arabia also posted a further decline in output. Conversely, Iraq increased its supply to meet higher domestic consumption, while Venezuela and Nigeria each raised production during the month.
Eight members of the broader OPEC+ alliance—including non‑OPEC allies such as Russia—had previously agreed to raise output in May. However, the combined effect of the Iran‑related war dynamics and the U.S. blockade prevented the planned increase, leaving overall OPEC production lower than anticipated.
Key figures: May production 16.13 million bpd; month‑on‑month decline 1.06 million bpd; UAE excluded from the tally; Iran’s export levels at a six‑year low.