OPEC Output Rises for First Time Since Start of 2019 Cuts - Bloomberg

OPEC Output Rises for First Time Since Start of 2019 Cuts - Bloomberg:

OPEC’s crude production rose last month, the first increase since the group and its allies started a new round of output cutbacks at the start of the year to shore up a weak global market.

Nigeria and Saudi Arabia led the boost by the Organization of Petroleum Exporting Countries, which collectively increased by 200,000 barrels a day to 29.99 million a day, according to a Bloomberg survey. The survey is based on estimates from officials, ship-tracking data and consultants including Rystad Energy and JBC Energy GmbH.

OPEC and its partners, a 24-nation coalition known as OPEC+, agreed to reduce output by 1.2 million barrels a day at the beginning of 2019 as a faltering global economy and booming U.S. shale-oil production threatened to leave world markets with a glut. That deal replaced a previous round of curbs that began in January 2017.