OPEC, Allies Agree to Modest Increase in Oil Production

FROM: WSJ

Alliance to raise output by 100,000 barrels a day in September, following calls by the U.S., other major consumers for more supply

OPEC and its allies agreed to a small increase in oil production Wednesday following calls by the U.S. and other major consumers for more supply, but the symbolic move is expected to have a minimal impact on crude prices.

The Saudi-led Organization of the Petroleum Exporting Countries was under some pressure after President Biden said he expected Riyadh to help boost global supplies following a high-profile trip to the kingdom last month. But OPEC needs to coordinate its production plan with a coalition of Russia-led producers with which it has an enduring alliance. Moscow prefers high prices.