Will OPEC cut oil production?

And why wouldn't they? Prices have plummeted to barely over $100 per barrel so one has to wonder how OPEC producers are even making ends meet. Besides, with the world on the edge of a recession, there's obviously a few more dollars to squeeze out before the money disappears. No matter, we can surely count on our good friends, the Saudis, who believe the oil floor ought to be around $80. That would naturally be higher than the average price of oil for 2007. Thanks!