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Economic news
04.06.2024

OPEC's oil output reportedly increases to 26.63 million bpd in May

Reuters reported its latest survey found that the Organization of the Petroleum Exporting Countries raised its oil output by 145,000 barrels per day (bpd) in May to 26.63 million bpd.

According to the survey, the May increase in OPEC's production was due to higher supplies from Nigeria and Iraq, which offset ongoing voluntary cuts implemented by some members in agreement with the broader OPEC+ coalition.

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