OPEC brought its oil production down to 29.876 million barrels per day in May according to the latest edition of OPEC’s Monthly Oil Market Report (MOMR) released on Thursday—a five-year low for the oil cartel as it struggles to control member production to keep oil prices out of the doldrums. That production route represents a decrease of 236,000 barrels per day month on month as Iran’s production falters under the weight of tenacious sanctions levied by the United States. Iran’s May oil production fell to 2.370 million barrels per day, a decrease of 227,000 barrels per day from April. Nigeria and Saudi Arabia, too, both produced fewer barrels in May, with Nigeria’s production falling to 1.733 million barrels—a decrease of 92,000 barrels per day. Saudi Arabia’s oil production fell to 9.690 million barrels per day, a decline of 76,000 barrels per day. Both Angola and Iraq increased their May […]