At the top of the agenda for G7 summit was crude oil, a commodity the world needs, but that's increasingly in short supply. For months, leaders have been putting pressure on oil exporters to pump more fuel out of the ground. They want other suppliers to offset the reduction in shipments from Russia, which have sanctioned by the West. This week, the expanded cartel OPEC+ announced it would hike output by 648,000 barrels of crude a day in July and August. But there's been a disconnection between what the group has promised on paper and the actual volumes it's added to markets. For the month of May, the group's production was 2.7M barrels a day below its collective target.

For more on the story, we were joined by Taha Meli Arvas who is Adjunct Professor of Finance at Bogazici University.

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