Now Crude oil production from OPEC and its Russia-led allies rebounded modestly in May from a steep drop in April but remains well short of its collective quotas, according to the latest Platts survey by S&P Global Commodity insights, highlighting the group’s continuing struggles with sanctions and unplanned outages. OPEC’s 13 members pumped 28.62 million b/d in May, down 180,000 b/d from April, including major losses in Nigeria and Libya, while nine other countries partnering with the producer group added 13.08 million b/d, a rise of 300,000 b/d, led by gains in Russia and Kazakhstan, the survey found. That is a net 120,000 b/d gain in the month by the entire OPEC+ alliance. But with production quotas rising monthly under the OPEC+ agreement, the group underproduced its target by 2.616 million b/d, with compliance at a […]