OPEC oil supply drops to lowest level in 30 years

Omkar Godbole FXStreet Contributor

The Organization of Petroleum Exporting Countries (OPEC) member countries recorded their lowest output in nearly 30 years in June in a bid to counter the coronavirus-induced decline in demand and a swelling oversupply.

OPEC's output fell to 22.69 million barrels per day in June, the lowest level since 1991, as noted by popular macro analyst Jeroen Blokland. June's output marked a decline of about 1.92 million barrels per day from May’s revised figure, according to Reuters.

OPEC, Russia, and other producers, a group known as OPEC+, agreed to cut the output by 9.7 million barrels per day, or 10% of global output, from May 1. Record production cuts have helped oil prices stage solid recovery rally. Brent is currently trading at $42.80, having bottomed out at $16 in April.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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