5 Reasons Why OPEC Won't Cut Output

Despite oil prices plunging more than 5 percent($114) on last Friday due to rising supply levels and weakening global demand, I still believe that OPEC won't cut production. Here's why:

1. The oil producing countries have too much of dollar-denominated investments so it's their interest to see a stronger dollar
2. It's in their favor to see that the world can afford to use oil
3. A lower oil price will make other forms of energy less attractive so the world will still be oil-dependent
4. It's not their interest that the global economy comes to a halt(who is there to buy oil) because of inflation
5. They know very well that oil is way overvalued and they are so eager to sell as much as possible!

When the group meets in Vienna on September 9, we'll know if I am right...