OPEC: Iran's Oil Production Plummets to Six-Year Low

The Organization of the Petroleum Exporting Countries (OPEC), in its latest report, has announced a dramatic decline in Iran's oil production for May, stating that output has reached its lowest level in the past six years. Meanwhile, production in several Arab countries in the region experienced a relative recovery.

According to the report, Iran's daily oil production in May decreased by 546,000 barrels, dropping to approximately 2.33 million barrels. This marks the third consecutive month of decline in Iranian oil production, though the severity of last month's drop was far more pronounced.

The report also noted that since the onset of escalating military tensions in the region and the restrictions imposed on Iranian oil exports, the country's total oil production has decreased by about 900,000 barrels per day compared to the pre-crisis period.

In contrast, OPEC pointed out that oil production in certain Arab countries in the region showed an upward trend last month, although their production levels remain lower than the pre-crisis period.

OPEC also announced that the total production of its member states, alongside the United Arab Emirates, which recently withdrew from OPEC, reached approximately 18.8 million barrels per day in May, representing a significant decline compared to the period before the recent disruptions.

In another section of the report, the price of the OPEC reference basket last month was stated at around $109, showing a $5.5 increase compared to April. This comes at a time when oil prices hovered around $70 before the escalation of regional tensions and have now reached approximately $88 in the wake of political and security developments.