Oil | Joe Biden’s wishes did not come true: oil-exporting countries increase production by only a drop

of the United States hopes for a significant increase in oil production have not been realized. The Organization of the Petroleum Exporting Countries (Opec) and its allies (Opec+) are about to decide to increase production by 100,000 barrels per day, according to a document seen by Reuters.

The increase in production is so small that crude oil prices started to rise on Wednesday. After the decision came out, the North Sea Brent futures price jumped three dollars to about $102 per barrel, but later returned to the level of about $100.7 per barrel.

The small increase in production would correspond to about 0.1 percent of global oil demand, according to a document seen by Reuters.

“It is so little that it is insignificant. From a physical point of view, it’s a marginal drop. As a political gesture, it’s almost an insult”, head of energy, climate and sustainable development at the consulting company Eurasia Group Raad Alkadiri tells Reuters.

United States has hoped that the oil-exporting countries will significantly increase their oil production. President of the United States Joe Biden visited in Saudi Arabia in mid-July on oil matters and with the aim of improving relations between the countries.

The visit was sensitive because the United States has accused Saudi Arabia’s crown prince and de facto ruler of Mohammed bin Salman dissident, editor-in-chief and author Jamal Khashoggi for ordering murder.

The war started by Russia in Ukraine has raised crude oil prices, and both Biden and the US the hope has been to get Saudi Arabia and its allies to increase oil production. It has already been estimated that wishes of increasing production may fall on deaf ears.