Ronald Zak / AP

Oil output across OPEC's 14 member countries increased by roughly 336,100 barrels per day in May after Libya, Nigeria, and Iraq increased their production, reports CNBC. The spike comes less than a month after OPEC and other exporters agreed to extend their November deal to cut oil output by 1.8 million bpd to March 2018.

Note: Libya and Nigeria are exempt from the OPEC agreement, as civil conflicts have weighed on their countries' oil supplies. Meanwhile, Iraq, which is OPEC's second-largest producer, had agreed to only produce 4.35 million bpd, but has repeatedly failed to meet its quota and continues to produce more than allotted.

Why it matters: The goal of the OPEC agreement is to help eliminate much of the glut in the oil market that has bogged down the industry for years; however, not all countries have kept their end of the bargain. In May, Saudi Arabia, Angola, Kuwait, and Qatar were the only four countries producing at or below their quotas.

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Updated 36 mins ago - Politics & Policy

What they're saying: Trump nominates Amy Coney Barrett for Supreme Court

Judge Amy Coney Barrett in the Rose Garden of the White House on Sept. 26. Photo: Oliver Douliery/AFP via Getty Images

Democratic and Republican lawmakers along with other leading political figures reacted to President Trump's Saturday afternoon nomination of federal appeals court Judge Amy Coney Barrett to succeed Justice Ruth Bader Ginsburg on the Supreme Court.

What they're saying: "President Trump could not have made a better decision," Senate Majority Leader Mitch McConnell said in a statement. "Judge Amy Coney Barrett is an exceptionally impressive jurist and an exceedingly well-qualified nominee to the Supreme Court of the United States."

Amy Coney Barrett: "Should I be confirmed, I will be mindful of who came before me"

Trump introduces Amy Coney Barrett as nominee to replace Ruth Bader Ginsburg. Photo: Olivier Douleiry/Getty Images

In speaking after President Trump announced her as the Supreme Court nominee to replaced Ruth Bader Ginsburg, Circuit Court Judge Amy Coney Barrett said on Saturday she will be "mindful" of those who came before her on the court if confirmed.

What she's saying: Barrett touched on Ginsburg's legacy, as well as her own judicial philosophy and family values. "I love the United States and I love the United States Constitution," she said. "I'm truly humbled at the prospect of serving on the  Supreme Court."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 32,683,686 — Total deaths: 990,977 — Total recoveries: 22,535,887Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 7,072,897 — Total deaths: 204,446 — Total recoveries: 2,727,335 — Total tests: 99,488,275Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.