OPEC+ will add only 100,000 barrels a day of oil in September. The 23-nation alliance will divide that amount proportionally between members. The increase offers little respite for consumers suffering the inflationary squeeze of high oil prices. Only the Saudis and the United Arab Emirates will be able to bolster production.

Brent crude erased earlier losses and was little changed at $100.59 a barrel as of 3:10 p.m. in London. Ministers endorsed the proposal at an online meeting on Wednesday, according to a statement on the OPEC website. There were no discussions about whether the Organization of Petroleum Exporting Countries and its allies would keep increasing production in subsequent months, delegates said.

The US approved the sale of $3.05 billion of weapons including Patriot missiles to the Middle East heavyweight. After Biden’s trip to Saudi Arabia, US officials had said they were optimistic that Riyadh and Washington were on a path toward reconciliation. OPEC+ had shown some goodwill toward consumers in recent months, fast-tracking the production increases.

The Saudis ramped up output to 10.78 million barrels a day last month, according to a Bloomberg survey. “We saw that OPEC increased their supply in July and August, quite significantly, and now they’re continuing that,” Amos Hochstein said.

OPEC+ delegates said they saw no immediate need to replace supplies from Russia. The Biden administration wants to see oil prices go even lower, Hochstein said. “At the end of the day, we’re looking at: Are oil prices coming down from their highs?”
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