An increase of 430,000 barrels a day only represents a 1.4%...

An increase of 430,000 barrels a day only represents a 1.4% increase in daily OPEC production, and 0.4% of global output. This increase is immaterial 1ronnie.

Recall that the Biden administration released 60m bbl in November last year; it had no impact on the oil price because the market implicitly knows that SPR forms part of the inventory pool. That would take 139 days to catch-up, although as mentioned "the cartel has struggled to meet its supply targets over recent months". In that same time the oil price has increased by 70%. Wake up 1ronnie.