Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 ... As of May 2017, OPEC has 14 member countries: six in the Middle East .... At various times, OPEC members have displayed apparent anti- competitive cartel behavior through the organization's agreements about oil production ...
They wanted to sell as much oil as possible and did not let governments influence their decisions. Oil-rich countries, especially in the Middle East, wanted more ...
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Dec 2, 2014 ... In the 1970s, refineries in the Middle East controlled the world's flow of oil. Not any more. National Iranian Oil Company/Wikimedia Commons.
Saudi Arabia has since become the world's largest oil producer and exporter, ..... OPEC, whose members are largely from the Middle East, is an oil cartel created ...
Dec 13, 2016 ... The term cartel, can be defined as "a group of parties, factions, ... by Esso and other oil companies to reduce the posted price for Middle East ...
Oct 1, 2016 ... Even if the cartel could agree, its pacts would not work, because so much crude oil is now ... Nonetheless, within hours of the report, the price of oil rose by over 5 % (before easing somewhat). To the ... Middle East and Africa ...
Nov 25, 2007 ... But the world's largest cartel – OPEC, the Organization of Petroleum Exporting Countries representing 13 major oil producing nations — is not ... the ability to sue the Middle East-dominated OPEC for collusion and price fixing.
Apr 26, 2013 ... A four-part series that reveals how a secret pact formed a cartel that controls the world's oil.