OPEC's Role during the Financial Crisis 2008 to 2009
One can debate whether, during the financial crisis of 2008 to 2009, OPEC's role contributed to the recovery of crude oil prices. The cartel elected to decrease crude oil production in a series of four ensuing production cuts that began in the fourth quarter of 2008 and continued into early 2009. OPEC's reaction to the crude price collapse that began in 2008 was to announce crude oil production cuts totaling 4.2 mmbpd. OPEC implemented approximately 2.0 mmbpd in actual crude production cuts. During the course of 2009, OPEC maintained its production levels and did not elect to increase production. When crude prices rebounded in late 2009, OPEC still maintained its then-current production status ...
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