O.P.E.C. CARTEL
CONTROL
OVER WORLDWIDE
OIL PRICES
| The Organization of Petroleum Exporting
Countries acts as a cartel to boost worldwide oil prices by restricting production output. The country members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC includes 8 out of the 10 top oil reserve countries in the world. This ensures its ability to extract windfall profit prices at will in the face of virtually inelastic demand. OPEC works closely with other oil producing countries such as Russia and Mexico. |
