Bloomberg: OPEC oil output falls to lowest level since 1990

OPEC's oil production fell by 420,000 barrels per day last month, reaching its lowest level since 1990, Report informs via Bloomberg.

Output totalled just 20.55 million barrels per day in April due to the conflict in the Middle East, the report said.

Bloomberg noted that the biggest oil market collapse in history had led to higher prices for gasoline, jet fuel and diesel, raising the risk of a new wave of inflation and a global recession.

The decline in oil production and rise in prices were linked to tensions in the Middle East and the de facto closure of the Strait of Hormuz.