Vienna August 3 2022: OPEC+ agreed on a production increase of 100,000 barrels a day for September, giving a tight market extra supplies at a much slower pace than in recent months.
Ministers endorsed the proposal at an online meeting on Wednesday, delegates said, asking not to be named because the information wasn’t public. For July and August, the group had pledged to add more than 600,000 barrels a day to the market.
The 23-nation alliance would divide the increase proportionally between members, delegates said. In recent months, with only the Saudis and the United Arab Emirates able to bolster production, just a fraction of the group’s promised increases have reached world markets.
The agreement is a modest indication that Riyadh and Washington are on a path toward reconciliation, coming after a visit to the kingdom last month that saw US President Joe Biden greet Crown Prince Mohammad bin Salman with a fist bump. Late on Tuesday, the US approved the sale of $3.05 billion of weapons including Patriot missiles to the Middle East heavyweight.
