OPEC to raise oil output

Photo by: OPEC
Photo by: OPEC

(New York, NY) -- The world's oil exporting nations are set to raise output by 100-thousand barrels per day in September.

It's a move analysts are describing as an insult to President Biden after his trip to Saudi Arabia just two weeks ago.

Biden called on OPEC to increase supply to try to bring down gas prices that reached record highs in the U.S. and fueled inflation since Western embargoes on Russian oil have been limiting global supply.

However, the increase of 100-thousand barrels a day is a fraction of the 650-thousand that OOEC had agreed to supply in July in August.