OPEC, which pumps 40 per cent of the world’s oil, meets in Vienna this week to assess member output levels against a backdrop of steady prices and a huge jump in Iraq’s estimated reserves.

The Organization of Petroleum Exporting Countries (OPEC) has had an official production level of 24.84 million barrels a day since January 2009 after a massive cut in output that was aimed at halting a slide in prices.

Crude oil prices, which tumbled from historic highs of more than 147 dollars in July 2008 to about 32 dollars in December of that year in response to the global recession, have since clawed back on economic recovery hopes.

“OPEC will meet on (Thursday) October 14th and it is assumed that they will leave things unchanged as the oil price is exactly where” de-facto head Saudi Arabia wants it, said Olivier Jakob, analyst for the Petromatrix consultancy.

Oil has traded roughly between 70 and 80 dollars for the past year, a level deemed reasonable by OPEC members still faced with an uncertain demand outlook as countries struggle to recover from the recession.