Rather than wait until the price of oil dropped to $40/bbl to cut supplies, as OPEC did in December of 2004, the Organization of Petroleum Exporting Collectivists…er, Countries is cutting oil supplies now to keep prices high, AP reports.

“The cut itself is agreed,” (OPEC President) Daukoru told reporters after a Cabinet meeting in the Nigerian capital, adding the cuts would begin at the end of the month and that members of the producing cartel were “nearing consensus” on how to share the cuts.

Daukoru’s comments followed a slew of reports attributed to anonymous sources from member countries who said the cartel plans to trim its daily production of 28 million barrels by 1 million barrels.

Good news for Israel, I suppose.