OPEC output sinks 30% since war as 2026 oil demand is trimmed
OPEC says its members’ oil production has fallen more than 30% since the Iran war began, with April output down 1.7 million barrels per day and total losses around 9.7 mbpd. It trimmed its 2026 demand growth forecast to about 1.2 mbpd, while the IEA notes demand weakness and the Hormuz closure. The gap is being mitigated by stockpiles and redirected exports, but inventories are depleting and volatility is expected as summer demand approaches.