OPEC’s Oil Exports Are Surging By 1 Million Bpd In May

OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday. At the ministerial meeting in early April, the OPEC+ group decided to gradually return over 1 million bpd to the market between May and July. The OPEC+ collective oil production is set to rise by 350,000 bpd in both May and June and by more than 400,000 bpd in July. Additionally, Saudi Arabia will also gradually ease its extra unilateral…