Iran has, as expected, has seen the smallest decline in output (-11%) since the war started, while production across other Persian Gulf producers has collapsed. Saudi Arabia (-29%) - and to a lesser extent the UAE (-40%) - have been partly shielded by pipeline infrastructure that allows crude exports to bypass the Strait of Hormuz, while Iraq (-63%) and Kuwait (-69%) have taken the biggest hit. Meanwhile, Venezuela’s production continues to recover, reaching a seven-year high, while Libya holds output near a 13-year high. Data from Bloomberg's monthly survey #CrudeOil #MiddleEast #OPEC
