OPEC wins, the West loses

Judges, investors force oil firms towards low-carbon future

On Tuesday, the Joint Ministerial Monitoring Committee of the cartel of oil exporters, the Organisation of Petroleum Exporting Countries (OPEC) alongside non-OPEC associates like Russia, decided to continue its gradual increase of oil production in the month of July. In what is partly a sign that OPEC+ believes that the global economic recovery is solidly underway, the countries will increase oil production by 441,000 barrels a day in July. If Saudi Arabia rolls back its own voluntary cuts, then an additional 400,000 barrels a day will go on the market. But, even so, this will not be enough to control