OPEC attempts to stabilize oil prices

The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday to determine how to best stabilize high crude oil prices, The Washington Post reports.

OPEC is faced with the boom in U.S. shale oil and grumblings from other members of the cartel that want to increase production in 2014.

{mosads}Despite forecasts from analysts of lower crude prices going into 2013, crude prices have stayed close to historic highs.

“To some extent, U.S. production growth is keeping the price barely tethered,” said Robert McNally, a former National Security Council member. 

“We’re keeping the market at low boil by giving it all we’ve got, and that to me is not a well-managed market.”