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. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC sets yuan reference rate at 7.0638 FX Street 3 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
