Iran, Venezuela Push for Higher Oil Prices

Giant OPEC Profits

OPEC nations have seen enormous profits from the record oil prices. Now as the price of crude has plunged the countries want to protect that windfall.

"I think it's true to say that Venezuela and Iran did not want to see the price of oil fall below $100," said John Hall, managing director of John Hall Associates Ltd.

Hall was also in Vienna for the meeting and said that this move will hurt Saudi Arabia and the world economy.

"It's the oil price increase that hits world economic growth more than anything else," Hall said.

Oil prices were little changed in response to the OPEC decision, puzzling analysts including Hall. Oil was actually trading down about a dollar mid-day today.

"We thought the price would go up but it has barely moved," Hall said.