OPEC+ answers Biden's diplomacy with 'Minuscule' output hike
BNN Bloomberg
OPEC+ responded to months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history.
The cartel will add only 100,000 barrels a day of oil in September, giving a tight market extra supplies at a much slower pace than in recent months despite pressure from the White House to help cool prices.
The 23-nation alliance will divide that amount proportionally between members, and with only the Saudis and the United Arab Emirates able to bolster production, just a fraction of it is likely to be delivered. For July and August, the group had pledged to add more than 600,000 barrels a day to the market.
The increase offers little respite for consumers suffering the inflationary squeeze of high oil prices. Brent crude erased earlier losses and was little changed at US$100.59 a barrel as of 3:10 p.m. in London.
