OPEC Raises Oil Output as Group Begins Bumper Set of Increases

OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey.

The 12 members of the Organization of the Petroleum Exporting Countries boosted supplies by 200,000 barrels a day in May to 27.54 million barrels a day, the survey showed. The Saudis accounted for about half of the increase.