Bloomberg: Oil production by OPEC countries fell to a minimum in April since 1990.

      In April, OPEC countries collectively produced 20.55 million barrels of oil per day — the lowest figure in the last 35 years. This data was obtained by Bloomberg following a survey of market participants. The main reason is supply disruptions amid the Middle Eastern conflict. Kuwait was hit the hardest: production there plummeted by 470,000 barrels per day, dropping to 800,000 b/d — less than a third of the pre-war level. Meanwhile, the country's exports decreased significantly less — only by 22,000 b/d. The survey was conducted before the UAE announced its exit from OPEC and OPEC+. The Emirates ranked third in production volumes within the organization, trailing only Saudi Arabia and Iraq. UAE Energy Minister Suhail Al-Mazrouei cited the closure of the Strait of Hormuz as a key factor, which effectively cut the country off from export routes from the Persian Gulf. After the UAE's exit from the alliance, seven OPEC+ countries agreed in June to increase production by 188,000 b/d. Russia will raise its output to 9.8 million b/d — compared to May figures. Recall that the UAE left OPEC and OPEC+ on May 1. The local state agency WAM reported that this decision would allow the Emirates to increase oil production and meet changing demand. The fact is that OPEC coordinates the oil policy of member countries, regulates oil production, and maintains price stability in the global market. On May 3, it became known that the UAE also exited OAPEC. The main task of the organization, which includes Arab states, is to control and stabilize oil prices. Even before this decision, Russian Finance Minister Anton Siluanov stated that the actions of the UAE could lead to a decrease in global oil prices. In this case, additional risks are created for the Russian budget, as about one-fifth of its revenues are formed from oil and gas revenues.