OPEC’s May output climbs 100,000 bpd: S&P

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Oil production by the Organization of the Petroleum Exporting Countries (OPEC) climbed by 100,000 barrels per day (bpd), led by Nigeria and Iraq, to stand at 26.75 million bpd in May, according to Platts survey.

Nine OPEC members boosted their production last month, raising the group’s production by nearly 320,000 bpd above their collective targets, S&P Global Commodity Insights reported.

In the beginning of June, the OPEC+ alliance agreed to extend most of the production cuts until the end of 2025.