London, Aug 1 (AFP/APP): The OPEC+ group of oil exporters meets Wednesday to discuss another output increase, weeks after US President Joe Biden sought to persuade Saudi Arabia to boost production during a controversial visit to the country.
The White House has been pressing the oil cartel to step up production to tame prices that have surged since Russia invaded Ukraine in late February.
But the group, which is led by Saudi Arabia and Russia, has stuck to modest increases so far.
The 13-member Organization of the Petroleum Exporting Countries, along with 10 allies that include Russia, had slashed production at the height of the Covid pandemic in 2020 after a plunge in demand caused prices to sink.
The group began to raise production last year, agreeing to add 400,000 barrels per day to the market. It backed an increase of nearly 650,000 barrels per day in June, still not enough to spark a big drop in oil prices.
The alliance’s output is back to pre-virus levels, but just on paper as a few members have struggled to meet their quotas.
All eyes will be on whether OPEC+ sticks to the same output policy or steps it up.
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