Iran Oil Output Plunges in May While Venezuela Climbs, OPEC Says

Oil cartel expects lower demand this year amid Middle East tensions.

A man walks past a mural depicting an oil pumpjack on a Venezuelan flag in Caracas on Jan. 15, 2026. Pedro Mattey/AFP via Getty Images

Venezuela is pumping more crude oil while Iran’s output is plummeting, the Organization of the Petroleum Exporting Countries (OPEC) said in a new report released on June 11.

Total OPEC crude production averaged 33.13 million barrels per day in May, down by 185,000 daily barrels from the previous month.