OPEC oil output has declined to its lowest level since 2000, with production falling by 830,000 barrels per day (bpd) to an average of 20.04 million bpd in April

OPEC oil output has declined to its lowest level since 2000, with production falling by 830,000 barrels per day (bpd) to an average of 20.04 million bpd in April

Global demand is facing constraints because supply from the Persian Gulf has been effectively cut off by Iran's blockade of the Strait of the Hormuz.