The oil price has been in steady decline for a number of weeks now, and this is not due to Kevin Rudd 'Applying the Blowtorch' to OPEC over high oil prices, this is because of a decline in the marginal demand for oil (and the recent powering up of the USD). People like Kevin Rudd have no influence over the price of oil (surprising, i know) despite implementing some sort of overly complicated, expense bureaucratic nonsense website.
Anyhow, OPEC got sick of the declining price, so what do they do? They do what any rationale cartel would do, they reduced the production of oil to drive up the price. The International Herald Tribute has a good article about it here.
Despite all the bleating, domestic politicians have less influence on Global Markets than they'd like to think. Why don't the ever get called up on their blatant misrepresentations of the facts, or their chronic over-statement of their usefulness.