Market Insider

OPEC may be forced to act on oil prices

OPEC meeting won't yield oil supply cut: Platts

Even with North America as a new driver of world oil prices, it may be OPEC that turns the tide.

As West Texas Intermediate crude trades at $80 and Brent continues to slide toward $85, speculation is increasing that the Organization of Petroleum Exporting Countries will reverse course and cut production at its Thanksgiving meeting.

Saudi Arabia surprised the market when it vowed to hold production levels, while giving price breaks to Asian customers, but the slide in prices may be too painful for other OPEC members, analysts say. OPEC meets on Nov. 27.

"I think there's going to be big downward pressure on prices into the OPEC meeting and the market is going to force their hand," said Again Capital analyst John Kilduff.