That's true but I think you also need to take into account that the DXY (the US Dollar Index that tracks the strength of the dollar against a basket of major currencies), is about 20% higher now than it was back then.
With the uptick today in Australian inflation caused by the increase cost of oil it'll be interesting to see the latest data out of Europe and the US will be. Germany reports inflation data tomorrow followed by the EU and US data on Friday.
I think it's more financially beneficial to OPEC to slightly increase output and reduce prices rather than cause a global recession.
That's true but I think you also need to take into account that...
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