OPEC met yesterday and left output quotas unchanged, "banking on a recovery of oil demand toward the end of this year" and trying to avoid stressing the economy now with higher oil prices, according to this NYT report.
“The market is oversupplied, it’s true,” Abdalla Salem el-Badri, the OPEC secretary general, told a news conference afterward, saying the group had decided against cutting output to avoid sending the “wrong signal” and disrupting an economic recovery. “If we are able to keep this $60 to $70 price for the remainder of the year, it will be fine,” he said in a Bloomberg Television interview.