What is Opec doing about the demand

As the leading oil supplier in the world, producers' cartel Opec is under constant pressure to do something about the price bubble, however they are also reponsable for part of SPECULATION...
They recently bowed to pressure to pump more oil, agreeing to raise its production quotas by 500,000 barrels a day from 1 November.
Reports suggest the move was forced through by Saudi Arabia and that few other Opec members either have much stomach for increasing output or much capacity to spare.
Opec has said the market is "very well supplied" with crude and will continue to be so in the immediate future.
It has blamed speculation by market traders - who can make money by betting on the future direction of prices - for the continuing price rises.

Critics of Opec say it must act more aggressively to bring prices down.
The response from Opec has been pretty poor so far, the sentiment in the market is that it is time for Opec to increase production again..this might happen during next meeting Feb 1st 08.