OPEC’s oil production dropped to a 2015 low of 30.17 million bpd in May, as a major 200,000-bpd increase in Saudi Arabia’s production was unable to offset an even larger production decline in Iran after the U.S. removed all sanction waivers for Iranian buyers, a Reuters survey showed on Friday. After the U.S. choked off more Iranian supply with the end of the waivers , Saudi Arabia appears to have lifted its oil supply by 200,000 bpd to 10.05 million bpd, according to the monthly Reuters survey that tracks supply to the market from shipping data and sources at OPEC, oil companies, and consulting firms. Yet, even with the 200,000-bpd boost in May, Saudi Arabia is comfortably below its 10.311-million-bpd cap under the OPEC+ deal as it had been overachieving in its share of the cuts by 500,000 bpd in the previous months. Despite the increased supply from Saudi […]