OPEC raised oil production in May by 200,000 barrels per day — Bloomberg

Twelve OPEC members raised oil output by 200,000 barrels per day (bpd) in May to 27.54 million bpd. Saudi Arabia accounted for about half of the increase, Bloomberg reports.

The delegates explained their decision by Riyadh’s plan to punish dishonest coalition members and regain lost market share. Over the weekend, the Saudis pressured OPEC+ to ratify the third supply hike despite objections from the group’s partners.

In May, Saudi Arabia ramped up oil production by 110,000 bpd to 9.08 million bpd.

Libya, free from OPEC+ quotas due to its gradual recovery after years of turmoil and instability, added 50,000 bpd to the oil market.

Iraq kept output unchanged to compensate for earlier oversupply. It produced 4.18 million bpd, which is still above its quota. The UAE added just 10,000 bpd.

Saudi Arabia warned OPEC members about a few possible monthly hikes—up to 411,000 bpd—for the coalition to completely phase out its previous restrictions by October.