OPEC Output Hits 90% of Pre-War Rate as Hormuz Blockade Bites
🛢️ OPEC — Ten percent below pre-war output, yet markets priced a blockade discount. 📌 LOOK CLOSER: At 90% of pre-war rate, OPEC's missing 10% is roughly 2.7M bpd — absorbed by reserve draws and demand destruction, not Hormuz resolution. Gulf producers near capacity can't compensate for Iranian volumes frozen out. With Brent at $97 and Goldman embedding a $27 premium, the output gap confirms the discount is structural, not temporary.
