OPEC members reported a more than 30% decline in oil production since the start of the Iran war in late February, according to the cartel's latest monthly update.
The closure of the Strait of Hormuz has effectively cut off supply from the Persian Gulf, compounding global demand constraints.
The market reaction has been swift, with energy prices reflecting heightened shipping risk.
The ongoing standoff in the Hormuz corridor continues to threaten critical trade routes, raising concerns about energy security and supply chain stability.
The situation has for global trade, particularly for agricultural and energy shipments that rely on the strait.
The disruption has already triggered a reevaluation of production strategies among OPEC members, with some, like the United Arab Emirates, signaling a potential exit from the cartel's production constraints.