4. The Economist (15 November 2001) reported that ‘OPEC has failed to agree immediate production cuts to shore up oil prices. Afraid of losing market share, it wants nonmembers, who would also benefit from any price support, to cut output as well. So far, they have refused to agree. If oil prices continue to fall, that would provide relief to the beleaguered world economy, but it might wreak havoc on the finances of OPEC members.’

a. Why do you suppose OPEC was unable to agree on cutting production?

b. Why do you think oil-producing non-members refused to cut output?