What am I missing?Approx 75 million barrels per day of crude oil are currently being produced worldwide. By many accounts this is about 1.6 million barrels more than is being consumed (or slightly more than 2% of total produced). This excess has driven the price of oil from roughly $100 / barrel to $57/ barrel. Between OPEC and Russia (i.e. nation producers where the rulers can decide upon production levels) 40 million barrels are being produced. By not agreeing between them to reduce production by 1.6 million barrels which at today's prices gives them a total net back of say $20 per barrel or $32 million per day they are sacrificing $43 per barrel on their remaining 38.4 million barrels per day (or $1.65 billion). All this to shake out shale oil producers in the US who probably account for less than 7% of total world oil production. Doesn't make sense to me - what am I missing?