In July 2008, the price of oil increased to $147 per barrel. By October, it had fallen to around $60 per barrel. OPEC saw the price of their major export, oil, decrease by 60 percent in a few months. During that period the OPEC countries cut production by a little more than 2 million barrels per day. By mid-November, the price had fallen below $60 per day. OPEC announced in November that it would cut production again if the price did not stabilize at a reasonable level of $70 to $90 per barrel.

Assuming that OPEC decreased the supply of oil by more than 2 million barrels per day over a two-month period, why would the price of oil continue to fall?