Today’s report from Reuters that some OPEC member nations are cheating on their quota agreements is unique only in that the news agency has apparently got a document outlining what the cartel wants its members to do. Essentially, OPEC ministers want to reduce crude production to the agreed-upon levels, taking nearly 2 million barrels/day out of the market.

If OPEC members were to comply with the quota, the big oil companies like Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP) could not make up that many barrels. Nor would it be in their best interests to try. After all, the price of a barrel of crude would certainly rise, and the companies could increase production slowly to take advantage of what would likely be even higher prices further in the future.

What is more probable is that the OPEC cheaters will not mend their ways, crude stockpiles will continue to grow either until the global economy fully recovers or every oil tank in the world is full and crude prices will continue to rise as the U.S. dollar weakens.

Big oil companies are able to take advantage of crude’s new role as a hedge against the inflation that nearly everyone believes is inevitable. Unless OPEC can somehow do what it has never been able to do before, abide by individual quota agreements, the big oil companies really have nothing to fear from the cartel.

Related Articles:

• What’s OPEC Done For You Lately?
• Capital Spending is Dropping Among Oil Companies
• 2010 Outlook for Energy Producers Looks Grim