OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey.
OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey.
The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Sunday, April 5, 2026. The United Arab Emirates will leave OPEC and its wider alliance, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war.
No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than two months.
No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than two months.
A satellite view of the Strait of Hormuz Photographer: Gallo Images/Orbital Horizon/Copernicus Sentinel Data 2025/Getty Images
No region of the world produces more oil and gas than the countries straddling the Persian Gulf, and most of it needs to travel by tanker via the Strait of Hormuz.
No region of the world produces more oil and gas than the countries straddling the Persian Gulf, and most of it needs to travel by tanker via the Strait of Hormuz.
Tankers anchored in the Strait of Hormuz, on April 18. Source: AP Photo
A few Iran-linked vessels are making their way through the Strait of Hormuz, as the crucial waterway remains effectively closed to most international shipping amid blockades by both Tehran and the US.
A few Iran-linked vessels are making their way through the Strait of Hormuz, as the crucial waterway remains effectively closed to most international shipping amid blockades by both Tehran and the US.
Oil tankers navigates the sea near Qeshm Island, Iran in the Strait of Hormuz on April 28.
A fully-laden Japan-linked oil tanker completed a rare transit of the Strait of Hormuz, as the effective closure of the waterway to most international traffic enters its third month.
A fully-laden Japan-linked oil tanker completed a rare transit of the Strait of Hormuz, as the effective closure of the waterway to most international traffic enters its third month.
Sooner or later, the US blockade may force Iran to cut oil production.
Cargo ships, oil tankers and other vessels off the shore of Singapore, on Tuesday, March 17, 2026. A widening conflict in the Middle East has led to dramatic swings and surges in the price of fuel for ships, prompting distributors in Singapore, the world’s top bunkering hub, to cut back their purchases. Photographer: Ore Huiying/Bloomberg
Two Iran-linked oil tankers that US forces interdicted near Sri Lanka last week appear to have halted their westward course in the Indian Ocean and turned around.
Two Iran-linked oil tankers that US forces interdicted near Sri Lanka last week appear to have halted their westward course in the Indian Ocean and turned around.
US forces conduct a “maritime interdiction and right-of-visit boarding” of the Tifani tanker, in an image released by the US Department of Defense on April 21. Source: @DeptofWar
US forces board the Majestic X tanker in the Indian Ocean, in a still from video released by the US Department of Defense, on April 23. Source: @DeptofWar
Traffic through the Strait of Hormuz has remained at a near-complete halt, with neither Iran nor the US showing any sign of easing their blockades of maritime traffic.
Traffic through the Strait of Hormuz has remained at a near-complete halt, with neither Iran nor the US showing any sign of easing their blockades of maritime traffic.
MUSCAT, OMAN - MARCH 30: A police speed boat patrols the port as oil tankers and high speed crafts sit anchored at Muscat Anchorage near the Strait of Hormuz on March 30, 2026 in Muscat, Oman. Several Chinese-owned vessels were reportedly able to transit the Strait of Hormuz today, the day after U.S. President Donald Trump said Iran would allow 20 ships to cross through the vital waterway. Maritime traffic through the Strait of Hormuz, which conveys about a fifth of the world's oil and gas, has mostly come to a halt after the joint U.S.-Israeli war with Iran that began on February 28. (Photo by Elke Scholiers/Getty Images)
The Strait of Hormuz remains largely empty of merchant ships, with only a few Tehran-linked vessels moving through the waterway, following a tense week that saw Iranian gunboat attacks and tanker interceptions by the US Navy.
The Strait of Hormuz remains largely empty of merchant ships, with only a few Tehran-linked vessels moving through the waterway, following a tense week that saw Iranian gunboat attacks and tanker interceptions by the US Navy.
Iranians are seen at Suru Beach in Bandar Abbas along the Strait of Hormuz.
Saudi Arabia has achieved a huge boost in crude exports through its Red Sea terminals, but has yet to stabilize flows at its target level for the route.
Saudi Arabia has achieved a huge boost in crude exports through its Red Sea terminals, but has yet to stabilize flows at its target level for the route.
Oil tankers moored at Saudi Arabia’s Yanbu crude berths on April 8, 2026.
Iran is continuing to load millions of barrels of oil onto supertankers, an activity that will only become increasingly difficult if the US keeps up a blockade on Tehran’s shipping.
Iran is continuing to load millions of barrels of oil onto supertankers, an activity that will only become increasingly difficult if the US keeps up a blockade on Tehran’s shipping.
Oil tankers at Iran’s Kharg Island terminal on April 20, 2026.
Oil tankers transporting Russian crude through the Baltic Sea have been steering clear of Swedish waters after the Nordic nation began boarding vessels at sea to check their papers.
Oil tankers transporting Russian crude through the Baltic Sea have been steering clear of Swedish waters after the Nordic nation began boarding vessels at sea to check their papers.
Yi Tong is one of the 13 tankers that have sailed south of Bornholm since April 7 instead of the more usual northern passage closer to Sweden.
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