From an OPEC Economy to a Market Economy

There is a supply glut in crude oil. Oil prices have been in freefall, and yet, OPEC doesn’t seem to be bothered about cutting down production. It doesn’t take a genius to realize there is something wrong with the market. The supply side has been leaping ahead of the demand for quite some time now. This is not an industry where you can change things with the flick of a switch; it’s always difficult to stop billions of dollars moving in a certain direction. However, it has been 18 months since the time oil prices started falling (more or less consistently with minor recoveries). From more than $100/barrel the prices have now fallen to under $40/barrel.