In an effort to contain the global crisis, seven of the main producers of the Organization of the Petroleum Exporting Countries (OPEC) have agreed this Sunday to increase crude oil production by 188,000 barrels per day starting next June. The decision, reached through a telematic meeting, represents the third consecutive increase in supply so far this year, adding to the increase of 206,000 barrels agreed last April. Led by Saudi Arabia and Russia, this group of nations – which also includes Iraq, Kuwait, Algeria, Oman and Kazakhstan – seeks with this “voluntary adjustment” to reaffirm its commitment to extreme stability. However, the real effectiveness of this movement is questioned by analysts who consider the increase as something merely theoretical, given the war in the Middle East.
