OPEC oil production falls to lowest level since 1990

Oil production in OPEC countries fell by 420,000 barrels per day in April to 20.55 million barrels per day.

According to Bloomberg, this is the lowest level since 1990. The decline in output is linked to the escalation of conflict in the Middle East and the situation around the Strait of Hormuz.

The agency said tensions in the oil market could lead to higher prices for gasoline, diesel and jet fuel. This, in turn, could increase inflationary pressure and raise the risk of a recession in the global economy.