OPEC Unlikely to Curtail Production

This article highlights concerns over the price of oil for the oncoming months. Because of the warmer-than-usual winter here in the United States many oil producers now hold an inventory of oil which would expect the prices to lower considering the US is the world's largest consumer. One problem OPEC is facing is the increasing threat from unstable countries such as Iran and Nigeria are allowing prices to remain high. OPEC will meet this Wednesday to plan for the "Spring" season - which is typically their lowest demanded season. Due to this, analysts fear the lowering of prices due to the lowering of demand. Some Oil Ministers want to cut production due to this potential of less demand, however the common theme is the fear and threat of attacks on Middle East pipelines. If an attack should occur in Iran or if Iran faces economic sanctions by the UN Security Council concerning its nuclear program, producers worry about the sudden demand that would result and OPEC's ability to keep pace.

It appears that, though there is an increase in supply, we will pay the same rates at the pump we have for the past few weeks with little hope for a price cut in sight. Would consumers rather pay much cheaper prices now for gas and then *if* something were to happen in the Middle East pay much higher than ever before or will consumers be more accepting of the current trend? Either way, it seems we will be paying the same either way in the long run.