OPEC slashes oil demand forecast amid Hormuz blockade
OPEC has significantly reduced its oil demand forecast as a blockade in the Strait of Hormuz disrupts global supply. Since the Iran war began in late February, OPEC production has dropped more than 30%, with Saudi Arabia pumping at its lowest level since 1990.
Key facts
- OPEC slashed its oil demand forecast
- Hormuz blockade hammers output
- OPEC production fell more than 30% since late February
- Iran war began in late February
- Saudi Arabia pumping at lowest level since 1990
Entities
Institutions
- OPEC
Locations
- Strait of Hormuz
- Iran
- Saudi Arabia
Sources
- Quartz —