consumption kept creeping up. But non-OPEC production grew a little faster. To make room, OPEC had to cut production, but could not agree on how much by whom. Excess output should have shown up in inventories, but didn’t. There was warm debate over the ‘missing barrels.’”
The price per barrel is important to the economy of each member nation. The economies of the members of OPEC are extremely dependent upon oil. During 1997 and 1998, OPEC members quibbled and haggled among themselves over how much to cut production and by whom. However, in 1999, they decided to cut production and oil prices rose threefold. The goal of OPEC members was to get the price per barrel into the $20 range, but
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