Trump said on Monday the ceasefire talks with Iran were "on life support" after Tehran's response to a U.S. proposal left the two sides far apart. He said Iran's terms were "completely unacceptable," according to a Chinese-language report. [1, 2]
Iran has demanded an end to the war on all fronts, compensation for war damage, an end to the U.S. naval blockade, a guarantee of no further attacks and the resumption of Iranian oil sales. Tehran has also stressed its sovereignty over the Strait of Hormuz and shut down shipping traffic there. [1, 3, 2]
The blockade has effectively cut off Persian Gulf supply and helped drive global oil inventories to record-depleting levels, while OPEC said production among its members fell further in April. The group said output was down more than 30% since the war began in late February, with a loss of 9.7 million barrels per day, and it cut its 2026 demand growth forecast to around 1.2 million barrels per day from about 1.4 million. [3]
A Reuters survey put OPEC's 12 members at 20.04 million barrels per day in April, down 830,000 barrels per day from March. The survey also showed output plunging by 7.9 million barrels per day in March, after the war began on Feb. 28, and said the UAE exited OPEC on May 1. [2]
The supply shock has shut in more than 14 million barrels per day from Gulf oil producers and reduced inventories by 250 million barrels in March and April, according to the CNBC report. [3]
OPEC's next monthly oil market report is due later in May, after the group said its members' output had fallen again in April. [3, 2]
