OPEC+ agrees to slight output rise

The world’s biggest oil producers have agreed to raise production slightly in a bid help ease high prices.

 

OPEC+, including Russia, agreed on Wednesday to add 100,000 more barrels per day to the market from September.

 

The latest production output increase is at a much slower pace than in recent months.

 

The decision is a blow to leaders who had called for production to be ramped up.

 

They include US President Joe Biden, who travelled to Saudi Arabia in a bid to personally convince the country to pump more oil to help cool soaring prices.

 

Crude has consistently traded at more than $100 a barrel since February, driving up the cost of living in many countries.

 

Saudi Arabia is the biggest single producer in the cartel and after meeting with Saudi Crown Prince Mohammed Bin Salman, President Biden said he expected supply to increase.

 

Saudi officials stressed any decision to increase supplies would be done in consultation with OPEC+.

 

For July and August, OPEC+ had agreed to add more than 600,000 barrels a day to the market.

 

But after the latest meeting, OPEC+ decided it would raise oil output by just 100,000 barrels per day from September in what some analysts described as an insult.

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