Global Oil Supply Contracts as OPEC Production Plummets Amid Iran Conflict
The Organization of Petroleum Exporting Countries (OPEC) reported a staggering 30 percent decline in global crude oil production since the outbreak of war in Iran in late February. According to the cartel’s Monthly Oil Market Report released on May 13, total output has dropped from 28.65 million barrels per day (bpd) to just 18.893 million…