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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.

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

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Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.