And bear in mind that the OPEC countries produce about 40 percent of global oil.
And reports of lower-than-expected production from non-OPEC countries are only further exacerbating the market's distress.
Iran, Kuwait, and other OPEC countries similarly want to see oil prices remain strong, to meet their spending requirements.
Easy oil money probably prevents more widespread development in many OPEC countries.
High oil prices not only benefit their economy and enhance their stronghold on world economy, but the remainder of the OPEC countries as well.
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The Saudis and some other OPEC countries did indeed reduce production in the Fall of 1973, but the cutback was less than the inventory buildup in early 1973.
Relying on the Saudis and the other OPEC countries to keep oil price low through output increases is something that will not last for very long.
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In fact, it's about five percent of daily output of all the OPEC producing countries.
The Organisation of the Petroleum Exporting Countries (OPEC) has agreed to raise its output slightly this month.
Six out of the 12 member countries in OPEC were opposed to an output increase, according to Reuters.
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According to the Organisation of the Petroleum Exporting Countries (OPEC), fundamentals do not support the current high price of oil.
Iran and Venezuela, both members of the Organisation of the Petroleum Exporting Countries (OPEC), have called for it to cut output.
The Organization of Petroleum Exporting Countries (Opec) meets on Saturday to discuss its official production quotas, although analysts believe output will remain unchanged.
In November 2008, President Lula invited Ahmadinejad to visit Brazil, and Iran invited Brazil to join the Organization of Petroleum Exporting Countries (OPEC).
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In 1960, representatives of oil-producing countries finished a meeting in Baghdad which led to the formation of the Organization of Petroleum Exporting Countries (OPEC).
The Organisation of the Petroleum Exporting Countries (OPEC), the oil-producers' cartel, estimates that SARS has reduced Asian oil demand by 300, 000 barrels per day.
It urged the Organisation of the Petroleum Exporting Countries (OPEC) to cut production quotas in February for fear of a price crash this spring.
Venezuela under President Chavez has been a vocal member of the Organisation of Petroleum Exporting Countries (Opec), helping to make sure oil prices stay high.
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Even worse, all of the countries best equipped to pump more of the stuff are members of the Organisation of the Petroleum Exporting Countries (OPEC).
But the real damage to the world economy was the massive price increase which the Organisation of Petroleum Exporting Countries (OPEC) introduced at the same time.
Oil Minister Sheik Saud Nasser al-Sabah said the Organisation of Petroleum Exporting Countries (Opec) will agree to increase production by 1m barrels per day (bpd) from April.
According to Fabiani, Cheney said the Organization of Petroleum Exporting Countries (OPEC) had "gotten its act together" to put curbs on production levels and stick to those limits.
The Organization of Petroleum Exporting Countries (OPEC) has slashed its global oil demand forecast for 2013 by about 20, 000 barrels a day to 89.57 million barrels a day.
The Organization of Petroleum Exporting Countries (OPEC) also warned that it could not replace the shortfall in crude if Iran was attacked and its supply taken off the market.
In the midst of financial and political turmoil throughout Europe, the Organization of Petroleum Exporting Countries (OPEC) met last Thursday in Vienna, Austria, to discuss the future of oil production.
They include representatives of members of The Organization of the Petroleum Exporting Countries (OPEC), who argue they should receive compensation because of the impact reduced oil consumption would have on their economies.
This display of aggression was eerily similar to events that transpired during the 1973 Yom Kippur War, when the Organization of Petroleum Exporting Countries (OPEC) strategically cut off oil to nations supporting Israel.
Despite trimming its output along with other members of the Organisation of the Petroleum Exporting Countries (OPEC) in an effort to prop up prices, that is just what the United Arab Emirates plans to do.
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Such deals have been made in the past, and it appears mere coincidence that the details of the deal have emerged just in advance of the summit of Oil Producing and Exporting Countries (Opec) in Vienna.
It is still higher than the oil-consuming countries would like, although the price is now within the range preferred by the Organisation of Petroleum Exporting Countries (OPEC), and OPEC members are already muttering about production cuts to prevent further falls.
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