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When OPEC Met to Extend Cuts, Output Rose Most in Six Months

  • Nigeria, Libya restore supply halted by attacks, conflict
  • OPEC still sees further inventory declines as demand rises
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As OPEC and its partners last month agreed on prolonging production cuts, the group’s output was climbing the most since November as members exempt from the deal restored lost supply.

Production jumped by 336,100 barrels a day in May as Libya and Nigeria revived output halted by attacks and political crises, a report from the Organization of Petroleum Exporting Countries showed on Tuesday. The two nations were excluded from curbs that were extended on May 25 because of earlier disruptions to their oil industries.