Reuters survey reveals the 14-member Organization of the Petroleum Exporting Countries (OPEC) pumped 29.60 million barrels per day (bpd) in June, down 170,000 bpd from May's revised figure. That was the lowest OPEC total since April 2014.

According to the survey, a rise in Saudi supply amid pressure from U.S. President Donald Trump to bring down prices did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group.