OPEC wants to be perceived as part of the solution, not part of the problem.
If demand continues to be strong we are going to be struggling. OPEC appears to be taking the view that the risks are weighted more to the upside than the downside.
If you gave oil companies a choice between the tar sands in Canada or oil in Saudi Arabia, which do you think they'd choose?
But they don't want to send the wrong signal to the market. They want to continue a loose supply policy, meaning that if there's a crude problem, which there isn't now, they can supply it.
High prices have given all producing countries a lot more leverage.
The police aren't the most popular people right now,
( - January 22, 1952)
'Tis the soldier's life to have their balmy slumbers waked with strife.
(April 26, 1564 - April 23, 1616)
One writes to make a home for oneself, on paper, in time and in others' minds.