But other OPEC producers are operating at very close to full capacity.

The higher ceiling would give all OPEC producers more room to produce oil, but it means permanently lower oil prices.

It is competing with other OPEC producers doing the same and producing a relentless price war.

A rapidly depreciating dollar thus means lower earnings for OPEC producers.

Since 2003, OPEC producers have increased their output 10 percent to make up for a 5 percent rise in global oil demand.

But for OPEC producers, a drop in oil revenue hurts them.

"However, more price declines will likely be needed before OPEC producers decide on any coordinated move."

In addition, the large OPEC producers are themselves disputing production percentages.

The OPEC producers are expected to pull back if they see that cheating on quotas is leading to big price drops.

Some OPEC producers have expressed concern that shrinking demand next year might cause prices to fall if production were left unchecked.