The producer group elected to increase production at a rate of 100,000 barrels per day, significantly smaller than its targeted production increases over the last year of several hundred thousand barrels.

The oil cartel said representatives noted at their Wednesday meeting “that the severely limited availability of excess capacity necessitates utilizing it with great caution in response to severe supply disruptions.”

Their decision falls short of the kind of production hike that Biden, who recently visited leading OPEC member Saudi Arabia to discuss energy and other issues, and other Group of Seven governments have been seeking from the kingdom and its oil-producing allies.