OPEC May output rose 170k bpd from April – survey

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  • May output 28.76 mbpd
  • 10 OPEC members bound by OPEC+ deal boosted output by 280kbpd vs 274kbpd quota increase
  • Compliance at 178% from 164%

WTI crude is up $2.72 to $117.83 today. OPEC continues to struggle to match its quotas and that will continue with OPEC quotas set to continue to rise through Q3.