Strangely $100 oil did not do much for the three OPEC members of the Big 8 either. They stayed pretty much on the same plateau that they had been on since 2004. It was only after prices collapsed to below $50 a barrel in March of 2015 did Saudi Arabia and Iraq really begin to increase production. Since February 2015, these three, mostly Iraq and Saudi, have increased production over 1,300,000 barrels per day. Even though sanctions will soon be lifted and Iran will increase production, I don’t think there is a chance OPEC will hold their present level of production. In fact the OPEC 2015 World Oil Outlook has OPEC crude falling by 400,000 bpd from its 2015 average to 2019. Remember, just like our “Rest of the World” chart above, most OPEC nations are in decline.
Full article: http://peakoil.com/geology/doubting-the-peak