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Saudi Output Rises to Highest Level in at Least 23 Years

Oil output by the Organization of Petroleum Exporting Countries rose in May to the highest level since 2008 as Saudi Arabia pumped crude at the fastest pace in at least 23 years, a Bloomberg survey showed.

OPEC production gained 20,000 barrels to an average 31.595 million barrels a day in May from a revised 31.575 million in April, according to the survey of oil companies, producers and analysts. Output increased to the highest level since October 2008. The April total was revised 170,000 barrels a day higher.