A Reuters survey showed that Organisation of the Petroleum Exporting Countries (Opec) oil production declined further in April, reaching its lowest level in over 20 years, after the US-Israeli conflict with Iran effectively shut the Strait of Hormuz and disrupted exports.

According to the survey, crude production from the 12-member Opec dropped by 830,000 barrels per day from the previous month to 20.04 million bpd in April.

The March output figure was also revised downward by 700,000 bpd following an adjustment to Saudi Arabia’s production estimate.