Reuters
OPEC+ approves tiny oil output rise in rebuff to Biden
NUR-SULTAN/LONDON (Reuters) -OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount analysts said was an insult 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 86 seconds of daily global oil demand, follows weeks of speculation that Biden’s trip https://www.reuters.com/world/middle-east/us-oks-potential-sale-thaad-system-missiles-uae-pentagon-2022-08-02 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.