OPEC is an international organization of oil supply, whose key oil policy is to carry out oil production quotas system in order to safeguard OPEC maximum oil revenue. According to plenty of history and status quo data, some conclusions have been reached on the basis of a deep study of the OPEC oil production quotas system. First, oil production quotas and production are closely linked with oil prices in international oil market. The production quotas system is one of the means to carry out OPEC cartel control, which has been playing an important role in affecting oil prices, although the control action of the system is weakened now. At the same time, something is wrong with the oil production quotas system. Second, the time-phased features of the quotas system affecting oil prices are obvious. The relations between production quotas, production and oil prices at various stages (initiation period, active period, frustration period, mature period and wandering period) have been comparatively studied in this paper, with abundant important knowledge obtained. Thirdly, the future relations between OPEC oil production quotas and oil prices are analyzed and predicted. The influence of oil production quotas on the trend of the international oil prices are also tentatively discussed in this paper.