The oil alliance Opec+ remains true to its line of only moderately opening the oil tap.
The cartel from more than 20 countries will increase production by 648,000 barrels (159 liters each) a day in August, OPEC+ announced after its monthly online meeting on Thursday in Vienna.
There have been repeated calls recently that OPEC+ should have a dampening effect on the sharp rise in petrol prices with a higher offer.
Overall, Opec+ soon reached the production level from before the corona pandemic.
However, there are also problems.
According to Commerzbank analyst Carsten Fritsch, many countries are already unable to meet their funding targets due to a lack of production capacity, including Angola and Nigeria in particular.
"Not all of the promised production increases have reached the market by a long shot," said Fritsch.
Libya is now having difficulties again.
According to experts, Russian oil production will continue at a high level.
"So far, Russia's production has not suffered as much as many initially assumed, but it is still well below the pre-war level," reported Fritsch.
While the EU intends to do without a large part of Russian oil from the end of the year, countries such as China and India have significantly increased their imports.
Moscow is offering its oil at a price discount of around 25 to 30 percent compared to Brent oil.
Oil policy is also likely to play an important role in US President Joe Biden's upcoming trip to the Middle East.
Biden will visit Israel, the West Bank and Saudi Arabia July 13-16.
In Saudi Arabia, participation in a meeting of the Gulf Cooperation Council is also on the agenda, which is also to be attended by representatives from Egypt, Iraq and Jordan.
It is unclear whether the foreseeable increase in OPEC+ production will lower the high petrol prices.
The previous decisions of the cartel had no lasting effects.
Opec+ has a world market share of around 45 percent.
The next online meeting is scheduled for August 3rd.