OPEC Raised Oil Production By 400,000 Bpd In May

OPEC’s crude oil production rose by 390,000 barrels per day (bpd) to 25.46 million bpd in May 2021, the cartel said on Thursday as it started last month the gradual easing of the production cuts.   The largest monthly increases in oil production came from top producer Saudi Arabia, followed by production hikes in two of the three OPEC members exempted from the OPEC+ agreement—Iran and Venezuela, OPEC’s Monthly Oil Market Report showed on Thursday. The third producer exempted from the cuts, Libya, also raised its crude oil…