OPEC+ is set to raise its oil output goal by 100,000 bbl/d, an amount analysts said was a setback to U.S. President Joe Biden after his trip to Saudi Arabia to ask the producer group's leader to pump more to help the United States and the global economy.
The increase, equivalent to 0.1% of global demand, follows weeks of speculation that Biden’s trip to the Middle East and Washington’s clearance of missile defense system sales to Riyadh and the United Arab Emirates (UAE) will bring more oil to the world market.
“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.