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When the increase was announced last week, it seemed too small to satisfy anyone.
The hike announced by Saudi Arabia and its partners appeared pointless or, worse still, a deliberate snub to US President Joe Biden following his visit to the kingdom.
They had to use their spare capacity with great caution. Their decision is being vindicated by subsequent developments.
The latest agreement is a good one, according to an analyst at Citigroup Inc.
A lackluster holiday driving season in the US and growing fears over a global economic slowdown have caused international oil futures to plunge this month.
The price pull back has been sufficient to give American drivers some respite and partly appease the White House, whereas a more substantial boost would likely have deepened the selloff.
There was a time when there might have been calls for a cut in the numbers. It was a glance at the downside and a greater concern with prices going to $80 rather than $120. 100,000 barrels fit well.
Flows of Russian crude to eastern Europe were stopped last week due to a dispute over transit fees.
The disruption shows why the Saudi Energy Minister may have been right to keep their spare barrels in reserve.
The market is going to tighten up very quickly this winter, according to the chief oil analyst at Energy Aspects.
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