OPEC oil exports plummeted to a record low in March — Reuters
In March 2026, the member countries of the Organization of the Petroleum Exporting Countries (OPEC) recorded a sharp decline in crude oil supplies to global markets.
According to Reuters, total production fell by 7.3 million barrels per day, reaching 21.57 million.
This is the lowest figure since June 2020, when the industry was in a deep crisis due to the COVID-19 pandemic.
The main cause of this massive disruption was the outbreak of hostilities in the Persian Gulf region and the effective closure of the Strait of Hormuz—a strategically vital route for global oil exports.
Due to the blocked route, most countries in the region lost the ability to ship their products by tanker, forcing them to urgently cut production.
Iraq suffered the greatest losses, with its exports dropping by a staggering “66–70%.” While the country supplied 4.15 million barrels per day in February, this volume fell to 1.4 million in March.
Due to overflowing oil storage facilities in Basra, local authorities were forced to shut down key southern fields.
A significant drop in production was also recorded in Kuwait, Saudi Arabia, and the United Arab Emirates.
At the same time, Riyadh and Abu Dhabi were able to partially minimize losses by using alternative pipelines that bypass the combat zone and lead to the Red Sea.
Amid the overall decline, only two OPEC countries—Venezuela and Nigeria—showed an increase in exports during the month.
These countries are located outside the conflict zone in the Persian Gulf, which allowed them to capitalize on high demand for oil from other regions.
As a reminder, oil prices have remained above $100 following the resumption of Iraqi shipments.
Additionally, the price of oil could rise to $200 per barrel due to the war between the U.S. and Iran.
