According to Saudi Aramco CEO Amin Nasser, the oil market is losing 100 million barrels per week, and if disruptions continue into June, normal market conditions may not return until next year.

According to a Reuters survey, OPEC oil output fell further in April to its lowest level in more than two decades as the US–Israeli war with Iran effectively closed the Strait of Hormuz and forced export cuts.

OPEC crude production declined by 830,000 barrels per day month-on-month to 20.04 million bpd, while March output was revised down by 700,000 bpd following changes to Saudi production estimates.