The OPEC+ oil cartel agreed to a tiny increase in production Wednesday, an amount analysts say will disappoint US President Joe Biden after he personally lobbied Saudi leaders for help to tame soaring energy prices.
The cartel 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.
Oil prices seesawed following the announcement, rising before falling more than two percent in afternoon trading, with the main international contract, Brent, slipping under $100 per barrel. Traders were also reacting to data showing US crude inventories had unexpectedly risen last week.
"The smallest increase in OPEC+ history will do little to help the ongoing global energy crisis," Edward Moya, analyst at OANDA trading platform, told AFP.