Rebel,

My point was that all this talk about OPEC having any control on price of oil is wishful thinking. There is to much Oil on the world markets at this time.

The only country which can cut or increase the production in any meaningful way is SAUDI. Their cost last time I see it was about $8 (new fields coming at $6/bbl).

Peak Oil or Peak Demand studies are at best very argumentative.

Each side is gaining momentum depends on the long or short position they are in.

Personally I take my guidance from the independent energy gurus like Henry Groppe ($65 to $85/bbl by March 2009 and $100/bbl in 8 to 10 years).

Increase in oil consumption in China for the next 10 years is not going to happen. But this is long story.