After talks with Joe Biden, Opec+ goes for 'minuscule' output hike

OPEC+ responded to months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history.

The cartel will add only 100,000 barrels a day of oil in September, giving a tight market extra supplies at a much slower pace than in recent months despite pressure from the White House to help cool prices. 

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