OPEC and world oil security

Typically, we think of the highest cost producers as supplying the marginal barrel of oil, but our assessment finds it quite likely that OPEC dominates production of the marginal barrel of world oil. Moreover, OPEC members have been among the more unstable producers on a historical basis. Hence, reducing world oil consumption and promoting oil production in stable non-OPEC countries will enhance world oil security. Policies to promote stability in OPEC countries also would enhance world oil security.