What will OPEC do?

From Rigzone article :

OPEC members "have already reached their goal of wiping out a large part of excess inventories and stabilizing prices," said Vera de Ladoucette, director of Middle East Research at Cambridge Energy Research Associates in Paris.

A senior OPEC official said ministers will review the latest demand, supply and inventory data -- including a monthly oil market report due to be published today by the Paris-based International Energy Agency, the industrialized world's energy watchdog. "It looks like there will be no change" in output policy at this week's meeting, this official said. The official cautioned against ruling out a surprise decision, if fresh data suggest a need to cut.

Analysts reckon OPEC's ministers are likely to wait until oil-inventory data for the first few months of this year are published in coming months to confirm what the industry suspects -- that inventories are close to becoming so lean that the market is prone to a renewed price surge. OPEC members have relished the four-year boom in crude revenue, which has put hundreds of billions of extra dollars in their coffers, but they are anxious to avoid a recession-inducing price climb