…then why did the whole oil-producing world (sans-USCanada) increase its combined production by a mere 4%, while the oil price steeply increased from 2005 onwards (spiking on a near-150$ in 2008, and then crashing back to the level it arose from, thus making an impressive price record, but a slightly more modest yearly average figure)?

Keeping in mind that modern large-scale enterprises these days are profit-maximizing entities, why would they not ramp up production when a golden opportunity like this presented itself?

s: http://econimica.blogspot.dk/2015/04/why-would-corporations-nations-leave.html