Saudi Arabia's Crude Output Collapses to 6.77M bpd — Lowest Since 1990

OPEC's May 2026 monthly report, published May 13, revealed that Saudi Arabia's crude output had plunged to 6.768 million barrels per day — the lowest level since 1990 — due to the Strait of Hormuz closure and the broader disruption of Gulf energy logistics caused by the Iran war. Saudi Arabia's OPEC+ quota stood at 10.291 million bpd, meaning actual production was nearly 3.5 million bpd below its target. The Hormuz blockade was cutting overall OPEC production by approximately 30%, threatening global oil market stability. Bloomberg reported the data after it emerged in OPEC's secondary-source production figures. The shortfall was partially offset by maximum utilization of the East-West Pipeline to Yanbu, but the pipeline's 7 million bpd capacity could not compensate for the full loss of Hormuz-route exports. Saudi officials warned this could not continue without long-term damage to oil field operations.