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Saudi Output Plummets to 1990 Low, OPEC Cuts 2026 Forecast

5/13/2026

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Summary

Story summary

Saudi Arabia told OPEC its crude output fell by 651,000 barrels per day in April to 6.316 million, lowest since 1990.
The decline cut OPEC’s total output by 1.727 million barrels per day to an average of 18.98 million barrels per day in April.
OPEC lowered its 2026 demand-growth forecast to 1.17 million barrels per day and raised the 2027 outlook to 1.54 million barrels per day.

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Story summary

Saudi Arabia told OPEC its crude output fell by 651,000 barrels per day in April to 6.316 million, lowest since 1990.
The decline cut OPEC’s total output by 1.727 million barrels per day to an average of 18.98 million barrels per day in April.
OPEC lowered its 2026 demand-growth forecast to 1.17 million barrels per day and raised the 2027 outlook to 1.54 million barrels per day.