How Did We Get To This Point?

Slide 5 of 14

Notes:

Following the recovery after the Gulf War, prices hit $20+ in 1996 and the talk was of “Just-In-Time” inventories.

Then came the price collapse in 1998 based on events that took place in 1997/98.

1999 became the year of oil price recovery as the 3rd cut in OPEC production quotas made prices reach $30+.