OPEC output falls to lowest since 2000 amid Hormuz crisis
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OPEC output fell to 20.04 million barrels per day in April, the lowest since 2000, due to the closure of the Strait of Hormuz. This disruption has led to record lows in several Asian currencies, prompting central bank interventions and raising food shortage risks. The global supply shock is increasing fuel and food prices, with warnings of potential recessions if disruptions persist into mid-year.
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