| With the North American crude oil production boom likely to be a major topic of discussion for OPEC ministers when they meet this week in Vienna, the cartel is not expected to raise production, especially because prices remain generally stable.
If prices rise from the current $100 to $110 a barrel, falling demand would be a concern. On the other hand, falling prices would approach OPEC members’ marginal cost of production. The crude oil production oil cartel, which controls about 40 percent of global oil supplies, has imposed a 30 million barrel-per-day production ceiling for all 12 members’ output for the last two years...............................................Full Article: Source
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