OPEC unable to bring down crude oil prices – IEA

The Organisation of Petroleum Exporting Countries (OPEC) has no powers to control or influence the global crude markets any further, the International Energy Agency (IEA) has said.
The Organisation for Economic Corporation and development OECD, an energy watchdog and OPEC has also agreed on the fact that the cartel alone can not bring down crude oil prices without the easing of political tensions in the middle east and other global hot spots.

OPEC President Edmund Daukoru who was in Iran recently to discuss how the cartel should deal with high prices told reporters “It is not the fault of OPEC, We have spare capacity and the market is well supplied.”
Vanguard