Vienna, Austria ? The Organization of Petroleum Exporting Countries will raise its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit since the beginning of the year.

Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov. 1.

“We will give a signal to the market that we are working hard for the stability of the market,” he said.

“It’s a gesture of goodwill to the consumers that we want lower prices,” said Algerian Oil Minister Chakib Khelil.

But Leo Drollas, chief economist at the London-based Center for Global Energy Studies, said the decision was irrelevant.

“It’s a PR exercise to prove to the consumer that OPEC actually likes them, ” he said. “It’s not going to help the market.”

The move will increase OPEC’s self-imposed output limit for all its members, except Iraq, from 26 million barrels a day to 27 million barrels, but the cartel is already producing 27.4 million barrels and accounts for one-third of the world’s oil supply.

Crude prices in New York and London climbed to record highs earlier this summer, but have eased in recent weeks.