OPEC+ Oil Production Hits 13-Month High As Output Cuts Start

After the collapse of the previous OPEC+ deal in early March, OPEC opened the taps in April, pumping at its highest level in 13 months. Top producer Saudi Arabia and close ally the United Arab Emirates (UAE) saw their output jump to records in April, more than offsetting declines in Iran, Libya, and Venezuela, the monthly Reuters survey showed on Thursday. The survey, which tracks OPEC’s oil supply to the market and is based on sources at oil firms, OPEC, and shipping data, found that OPEC pumped a total of 30.25 million bpd of…