BNN BLOOMBERG POLL: What’s your top takeaway from the OPEC+ meeting?
OPEC+ snubbed months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history.
The 23-nation alliance will divide that amount proportionally between members, and with only the Saudis and the United Arab Emirates able to bolster production, just a fraction of the amount is likely to be delivered. For July and August, the group had pledged to add more than 600,000 barrels a day to the market.
“From a global balance perspective, today’s minuscule quota increase -- the smallest since 1986 in absolute terms and smallest ever in percentage terms -- is noise,” said Bob McNally, president of Washington-based consultant Rapidan Energy Group and a former White House official. “Though if pump prices keep falling, the White House will likely claim credit.
After Biden’s trip to Saudi Arabia, US officials had said they were optimistic that Riyadh and Washington were on a path toward reconciliation. During his visit, when he greeted Crown Prince Mohammad bin Salman with a fist bump, the president said he expected further steps from the kingdom in terms of oil production. Late on Tuesday, the US approved the sale of US$3.05 billion of weapons including Patriot missiles to the Middle East heavyweight.
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