When OPEC meet on 17th December, how will they go about deciding the size of the inevitable production cuts?

All OPEC states want the oil price to rise from current $44 / bbl (WTI). Some states will also be concerned that the price target is affordable by their OECD customers. But set against a backdrop of global economic turmoil and volatility in all markets, how do they judge the size of the production cut required to deliver the target price? Saudi Arabia is reported to favor a price of $75 / bbl, just short of the cost of new marginal supply in the OECD. Achieving this price in the medium term would keep OPEC in the driving seat.

This short post is intended to be a discussion thread. Below the fold, I outline one radical idea for OPEC to achieve their goal in the short term.