OPEC’s Oil Production Edged Higher Ahead of Key Policy Meeting

OPEC’s crude oil production rose by 29,000 barrels per day (bpd) in May compared to April as the OPEC+ group headed for the crucial June 2 meeting to decide output policy for the rest of the year. Total crude oil production from all 12 OPEC producers averaged 26.63 million bpd in May 2024, up by 29,000 bpd compared to April, according to secondary sources in OPEC’s Monthly Oil Market Report published on Tuesday. Crude oil output increased the most in Nigeria, according to OPEC’s secondary sources. Africa’s top…