Strait of Hormuz Blockade Severely Impacts Exports, OPEC April Output Hits 20-Year Low
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Following the de facto blockade of the Strait of Hormuz due to the conflict between the US, Israel, and Iran, the Organization of the Petroleum Exporting Countries (OPEC)'s crude oil production in April fell to its lowest level in over 20 years. While Kuwait and Saudi Arabia's production decreased, only the UAE increased its output.