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 largest producers, Saudi Arabia and Iraq, significantly increased their oil production in May, but supply from Nigeria and Angola, as well as from Iran, dropped, the survey found. As per the OPEC+ agreement, OPEC’s share of the 350,000-bpd rise in OPEC+ production in May was 277,000 bpd. Additionally, Saudi Arabia is also gradually easing its extra unilateral cut of 1 million […]