1253 GMT August 18, 2022
The group led by Saudi Arabia and Russia decided to raise production by 100,000 barrels per day for September, much lower than previous increases, according to a statement issued after a ministerial videoconference, AFP reported.
The increase, equivalent to 86 seconds of daily global oil demand, follows 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 more oil to the world market.
The increase of 100,000 bpd will be one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows, Reuters wrote.
The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+ that formed in 2017, had been increasing production by about 430,000-650,000 bpd a month, as they unwound record supply cuts introduced when pandemic lockdowns choked off demand.
They had, however, struggled to meet full targets as most members have exhausted their output potential following years of under-investment in new capacity.
Combined with disruption linked to Russia's military operation in Ukraine in February, the lack of spare supply has driven up energy markets and spurred inflation.