en.Wedoany.com Reported - On April 13 local time, the near closure of the Strait of Hormuz hindered crude oil exports, forcing some of the world's top oil-producing countries in the region to cut production. OPEC noted in its monthly oil market report released that day that oil production in the Middle East region fell sharply in March. The total daily crude oil production of the organization's member countries decreased by nearly 7.9 million barrels to 20.79 million barrels, a decline of 27%.

Among OPEC member countries, Iraq, Saudi Arabia, Kuwait, and the United Arab Emirates recorded the largest production cuts last month. The report shows that Iran's crude oil production also experienced a slight decline, with some other OPEC members including Algeria, Congo, Libya, and Gabon showing the same trend. In contrast, Nigeria's crude oil production saw a slight increase.

OPEC stated in the report: "The disruption of shipping activities in the region has raised ongoing concerns about the flow of regional crude oil supplies." The organization maintained its forecast for global oil demand prospects from last month unchanged, expecting global daily oil demand to grow by 1.38 million barrels this year. OPEC pointed out that the weak oil demand emerging in the second quarter, influenced by the Middle East conflict, will be "temporary" and will be offset by demand growth later in the year.

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