But any sign of OPEC production below 22 million barrels a day would push prices right back up, an analyst said.

For years now, the smaller companies have brought more oil onto the market, competing with OPEC production.

Iraq has said repeatedly over the past few days that it would view any increase in OPEC production as an "aggressive act."

OPEC production is about 15.8 million barrels a day.

However, even without that factor, OPEC production still would be below the 15.8 million quota.

Current OPEC production is estimated at about 18 million barrels a day.

Oil prices dropped on reports that OPEC production was near 20 million barrels daily.

OPEC production is now 20.5 million barrels a day.

OPEC production will need to be 12m barrels per day higher in 2030 than today.

The OPEC production cut hurt oil stocks but helped airline issues.