If you read the business headlines for that period (Nov-Dec 2004), that was when OPEC finally started completely disregarding its quotas and pumped all it could to make up for what had started as a very tight situation. The supply did in fact then grow to meet and slightly exceed demand, which caused prices to fall somewhat. However, despite continued pumping at the all-out rate, demand grew enough over subsequent months that prices resumed their rise, with the biggest jump during the hurricanes. The difference from 2004 is that OPEC cannot raise production this year as it did then.