NEW: OPEC+ boosts oil production by modest 100K barrels per day
The big picture:to Saudi Arabia last month and discussed energy security with Arab leaders at a summit, though he said specifically that lobbying Saudi leaders for more oil was not the reason for his visit.
Fast-falling gasoline prices, while still elevated, somewhat lessen the immediate political urgency for the White House of a major supply injection. The White House told a group of think tank experts last week that it believes Saudi Arabia and the United Arab Emirates are capable of increasing oil production,"The political capital President Joe Biden spent on his mid-July oil pilgrimage to Jeddah did not bring an immediate output hike, but his advisors telegraphed expectations for an increase 'in the coming weeks,'" research firm ClearView Energy Partners said in a note.
"Today's decision appears to have fallen well short of hopes, especially after the White House and State Department doubled down yesterday by praising Riyadh for another Yemen truce extension and announcing a ~$3.05 B weapons sale," it added.with Mizuho Securities USA, said in a note that "market fundamentals are slipping, and the end of summer driving season will necessitate less crude oil through the refinery. However, the 100,000 is a slap to the face for President Biden.
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