In another setback, the US administration led by Joe Biden hoped OPEC could increase production to offset Russian supply disruptions and slow rising fuel costs and inflation by its broader standards, Reuters reports.

In June, OPEC + produced less than three million barrels of crude per day (bpd) than expected, a report revealed, as sanctions imposed on some members and reductions in investment by others undermined its ability to calm the global energy crisis.

Most OPEC producers have suffered from chronic underinvestment due to declining prices in recent years as well as pressure on investors to abandon fossil fuels and find alternative sources of energy.

Sources told Reuters that OPEC + will consider keeping the production rate unchanged in September when it meets next week despite U.S. appeals to pump more supplies, but the meeting is also likely to discuss a slight increase in output.

In a statement on Friday, the Russian government said it and Saudi Arabia remained firmly committed to the goals of the "OPEC +" agreement to maintain market stability and balance supply and demand in global oil markets.

By next month, OPEC and its allies led by Russia, the group known as OPEC +, will have fully ended their production cuts since the COVID-19 pandemic in 2020.

Oil prices rose in 2020 to their highest since 2008 and topped $139 a barrel in March after the United States and Europe imposed sanctions on Russia over Ukraine's crisis.

Since then, prices have fallen close to $100 as fears grow that sharp inflation and higher interest rates will lead to a recession that will weaken demand.

The OPEC + alliance maintained its policy of increasing production for August by 648 thousand barrels, unchanged, despite demands from consumer countries to increase production to calm prices.

The OPEC + alliance, which includes Russia, will meet on August 3 to review the monthly production policy.