OPEC+ set to approve minuscule oil output rise in rebuff to Biden | Reuters
OPEC+ is set to raise oil output by a tiny 100,000 barrels per day in what analysts described as an insult to U.S. President Joe Biden after his trip to Saudi Arabia last month to persuade OPEC's leader to pump more to help the U.S. and global economy.
The increase, equivalent to 86 seconds of global oil demand, comes after weeks of speculation that Biden's trip to the Middle East and Washington's clearance of missile defence system sales to Riyadh and the United Arab Emirates will bring in more oil. read more
An OPEC+ document showed the group was set to raise output by 100,000 bpd from September and two sources said it has been effectively rubber-stamped by a close-door meeting.
"That is so little as to be meaningless. From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting," said Raad Alkadiri, managing director for energy, climate, and sustainability at Eurasia Group.
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