OPEC Output Fell Most in Decades Last Month on War, Survey Shows

OPEC’s crude oil production plunged by the most in at least four decades in March as conflict in the Middle East throttled exports from key members, according to a Bloomberg survey.

Output from the Organization of the Petroleum Exporting Countries collapsed by 7.56 million barrels a day — or about 25% — to 22 million a day, the survey showed. The war between a US-Israeli alliance and OPEC member Iran has shuttered the Strait of Hormuz, forcing Saudi Arabia, the United Arab Emirates and Iraq to slash production.