They've been wrong the last two years about what the second quarter fundamentals are going to look like. Fundamentally speaking, it's probably not a good ideal to pre-empt the market.

OPEC wants to be perceived as part of the solution, not part of the problem,

OPEC wants to be perceived as part of the solution, not part of the problem.

OPEC wants the maximum price they can sustain to meet their budgetary needs and investment plans, and keep their economies growing, while making sure that demand in the rest of the world keeps growing. The Saudis have hinted they believe that price was now between $50 and $60 a barrel.

If you gave oil companies a choice between the tar sands in Canada or oil in Saudi Arabia, which do you think they'd choose?

Second quarter was forgettable,