U.S. crude production held even for a third consecutive week as global supply concerns intensified amid sanctions against Russia’s energy complex, the U.S. Energy Information Administration (EIA) said Thursday.

EIA said oil inventories for the week ended May 27, excluding those in the Strategic Petroleum Reserve, dropped by 5.1 million bbl from the previous week. At 414.7 million bbl, stocks are 15% below the five-year average, according to the agency’s latest Weekly Petroleum Status Report.

However, the consortium of oil-rich countries known as OPEC-plus said on the same day it would boost output this summer. The group agreed to increase production in July and August by 648,000 b/d, advancing a previously planned increase for September. It would mark a jump from the roughly...