OPEC Boosted Production Less Than Expected In May

As agreed in early April, OPEC has been raising its oil production in May, but lower output in Nigeria, Angola, and Iran partly offset major increases from top producers Saudi Arabia and Iraq to result in a lower-than-expected rise in the cartel’s supply, the monthly Reuters survey showed on Monday. OPEC’s 13 members have produced 25.52 million barrels per day (bpd) this month, an increase of 280,000 bpd from April, according to the survey of OPEC sources, sources at oil firms and consultants, and tanker-tracking data. The cartel’s…