Crude oil production from OPEC and its allies jumped 430,000 b/d in May, the latest S&P Global Platts survey found, led by Saudi Arabia, which accounted for about 84% of the total monthly rise. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The OPEC+ alliance, which held almost 7 million b/d of production offline in April to speed the market’s rebalancing, began significantly relaxing its output quotas last month, in anticipation of rising summer oil demand and a healthier global economy. OPEC’s 13 members pumped 25.71 million b/d in May, its highest since April 2020, when Saudi Arabia launched a brief price war after a breakdown in talks with Russia over how to manage the oil market through the pandemic. Its nine non-OPEC partners, led by Russia, produced 13.21 million b/d, unchanged from the previous month. Despite the production gains, the looser quotas meant OPEC+ […]