OPEC oil supply drops to lowest level in 30 years

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.