In today's meeting, the OPEC + Alliance agreed to a slight increase in production of only 100 thousand barrels per day (bpd), from 1 September, compared with about 432

thousand and then 648 thousand barrels in the previous two months, a senior administration official told US President Joe Biden on Wednesday that the decision of the members of the Alliance "OPEC +" by increasing oil production by 100 thousand barrels per day is a "step forward."

The official added that Biden wants to see more, and that he will push at home and abroad to increase energy supplies.

The United States had hoped for a significant increase in oil supply to reduce prices.

A statement from OPEC + today stated that "limited surplus capacity requires very cautious use in response to severe supply cuts."

The Oil Alliance added that "inadequate investments will affect the availability of sufficient oil supply to meet the growing demand beyond 2023."

The increase of just 100 thousand barrels per day (bpd), equivalent to a second 86 of global oil demand per day, comes after weeks of speculation that Biden's trip to the Middle East would increase oil production.

U.S. and Western sanctions on Russia have caused energy prices to rise, increasing inflation to its highest levels in several decades and sharply raising interest rates by central banks.