Yes, you're right, but IMVHO, I would imagine that keeping the world economy from a panicked crash is way up there in OPEC's priorities, given that, say, the Saudis are invested all over the place. If that is the case OPEC will be the last to admit that we're "running out of oil".

In fact if the price keeps increasing steadily but not in leaps and causes demand to drop, they can get away with a diminished production cashing in on the bonanza, while all the way blaming the "speculators". There is no incentive for them that I can think of to be frank about their production capabilities, and one shouldn't expect them to be.

The road of excess leads to the palace of wisdom - William Blake