THE European governments are insisting that members of the Organization of Petroleum Exporting Countries (OPEC) pump more oil. They hope that supplying the market with more oil will lower the soaring price of the 'black gold'.

Panic due to the high oil price is still widespread in Europe. The compromise shown by OPEC is, apparently, not enough to calm things down. Despite an agreement by producing countries to boost output by 800,000 barrels per