OPEC Production Rises As Iran Continues To Increase Supply

OPEC likely raised its total oil production in April, driven by another supply increase from Iran, one of the three OPEC members exempted from the OPEC+ production cuts, according to the monthly Reuters survey. Iran raised its oil production by as much as 200,000 barrels per day (bpd) in April compared to March, to reach output of 2.5 million bpd, the Reuters survey showed on Friday. Iran’s supply increase was the largest among all OPEC members, according to the survey of OPEC sources, sources at oil firms, and tanker-tracking data. As a…