OPEC Raises Oil Output in May

OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey.

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The 12 members of the Organization of the Petroleum Exporting Countries boosted supplies by 200,000 barrels a day in May to 27.54 million barrels a day, the survey showed. Saudis accounted for about half of the incr