Predicting Oil Prices in the Year 2000 and the Role of OPEC

Oil markets have always experienced much fluctuation, because global events, such as conflicts, rumors, statements, and the market forces of supply and demand. Market conditions led to the fall in oil prices during the last two years. The countries directly influenced the fall in fuel consumption and led to an imbalance between global oil supply and demand. The speaker reviewed OPEC’s role in restoring the stability of oil markets after the period of instability from late 1998 and early 1999.