OPEC Production Rose in May
The Organization of Petroleum Exporting Countries boosted crude-oil output in May, according to a survey by Dow Jones Newswires.
The survey estimates daily production by the group’s 13 members in May rose 432,000 barrels a day, from the previous month to 32.39 million barrels a day.
May’s production increase came mostly from OPEC’s top producer, Saudi Arabia, which pumped an additional 250,000 barrels a day of crude compared with April.
The survey shows Iraq’s production rose by 70,000 barrels a day to a daily rate of 2.4 million barrels, the highest level so far this year.
