OPEC Powerless to Drive Down US$75 Oil

There was nothing OPEC could do to halt surging oil prices that threaten consumer nations' economies and could trigger a collapse in demand disastrous to producer states.

OPEC already pumping as much as refiners can handle.

The market determines the oil price. You know that the reason the price is where it is is not from a shortage of crude oil supply.

Crude Oil raced to an all-time high above US$75 last week as Iran continued to defy world pressure to halt its nuclear programme, a quarter of Nigeria's output lay idle after rebel attacks and Iraq's once considerable oil industry was mired in crisis.
OPEC can't do anything about the upside o the market. They don't have much scope left for managing.

Consumers want greater access to oil and gas in the Middle East, Russia and Africa. Producers want to be sure investing in new fields will pay off. Both sides criticise major oil firms for failing to build new refineries.