OPEC’s dilemma… WSJ

From the WSJ, OPEC’s dilemma is this:

“They want to boost crude prices to raise their revenue, but they don’t want to send prices so high that North American shale-oil producers will lift their output.”

“OPEC delegates say they’re concerned that prices over $60 could result in a new surge of U.S. production.”

“Still, there is disagreement within OPEC. Venezuela, which is suffering high inflation and food shortages during the oil slump, still wants higher prices. In remarks published on Venezuela’’s oil ministry website last month, President Nicolás Maduro said the “fair, balanced oil price must be set at $70 per barrel.””

““Below $50 a barrel is not acceptable,” Algeria’s Mr. Boutarfa said Monday after a meeting with OPEC and Qatari officials in Doha.”

Here is the link:

http://www.wsj.com/articles/opec-likely-to-be-cautious-on-output-cuts-1473180429