According to The Wall Street Journal, the agreement is the first coordinated effort in years to boost oil prices, which have fallen on account of the global oversupply. However the effort doesn't appear poised for success. As The Journal pointed out, Iraq is pumping record amounts to support a war against the Islamic state.  At the same time, an Iranian official has said the country won't forgo plans to double its exports, now that sanctions have been lifted.

Moreover, Russia and Saudi Arabia, along with Venezuela and Qatar, which also joined in the agreement, are freezing production at already high levels.

"It is vital to note that there was not much incremental production expected from Russia, Qatar and Venezuela for the rest of this year, given these countries are already stretching their production limits,” Barclays analysts Kevin Norrish and Miswin Mahesh said in a note to investors on Tuesday, according to The Washington Post.

“Russian output, although currently near a post-Soviet peak, is expected to remain flat this year as decline rates catch up.”

Hoping to other OPEC members aboard, Venezuela oil minister Eulogio del Pino was to travel to Tehran to meet with Iranian and Iraqi officials, according to The (London) Financial Times.

A senior OPEC Gulf delegate told the newspaper that Saudi Arabia might take other actions to lift prices if other countries participate in the agreement.

“We will assess the situation and see if we need to go beyond freezing production,” the delegate told the newspaper.