OPEC+ agrees to small oil production increase
US President Joe Biden may have been hoping for a larger boost in production.
The Organization of the Petroleum Exporting Countries and Russia agreed to a relatively small oil production increase today.
The so-called OPEC+ alliance endorsed a production increase of 100,000 barrels per day for the month of September, OPEC said in a press release.
OPEC meets periodically with other major oil producers who are not part of the organization, including Russia, Bahrain and Oman. Together, these states are known as OPEC+.
The production increase is far smaller than those in previous months. OPEC+ previously increased production by 648,000 barrels per day in July and August.
