OPEC isn't a cartel

"OPEC is neither a cartel nor involved in the business of fixing oil prices. It would be a misjudgment to accuse us of such." -barkindo

 

cartel: "a combination of independent commercial or industrial enterprises designed to limit competition or fix prices.... A cartel is an organization of a few independent producers for the purpose of improving the profitability of the firms involved. This usually involves some restriction of output, control of price, and allocation of market shares. "-Merriam Webster

  • Like 1

Share this post


Link to post
Share on other sites

Interesting.

 

OPEC has referred to itself as a cartel for over 45 years ?

Over this period,  they have actively "met" in conference on a yearly basis for the "announced purpose of setting joint prices and joint production levels."

Activities which certainly meet the definition of a cartel !

Now,  suddenly,  when their cartel is in disarray,  they no longer want to be called a cartel ?

 

Sounds like someone is trying to run some kind of PUBLIC RELATIONS program to change their image....

  • Like 3

Share this post


Link to post
Share on other sites
Sign in to follow this  
Followers 0