Increase in production by 100,000 barrels a day described as ‘so little as to be meaningless’
and known as Opec+, met on Thursday at a closed-door video meeting and rubber-stamped an increase in output that is the equivalent of 86 seconds, or 0.1%, of global oil demand.Biden, who visited influential Opec member Saudi Arabia last monthResponding to the increase, Raad Alkadiri, the managing director for energy, climate, and sustainability at Eurasia Group, said: “That is so little as to be meaningless. From a physical standpoint it is a marginal blip.
Explaining its reasons for the small increase, Opec members said the “severely limited availability of excess capacity” meant they had to proceed with “great caution” in response to “severe supply disruptions”. The group also sounded a note of caution that “insufficient investment” in the upstream sector – finding new oil reserves – could negatively impact the supply of oil “in a timely manner” to meet increased demand beyond 2023.
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