OPEC OIL OUTPUT SNUB

The OPEC+ cartel of some of the world’s biggest oil producers has snubbed pleas to reduce prices.

The group, led by Saudi Arabia, agreed to increase output by 100,000 barrels of oil per day from September, equivalent to just 86 seconds of global demand.

That is well below previous monthly rises of around 400,000 per day and has been seen as a slap in the face for US President Joe Biden, who visited the Middle East after pressure on the region to pump more oil to rein in surging prices.

Brent crude, an oil price benchmark, has risen over 25pc this year.