18.06.2013 - Does the future of OPEC look cloudy?
Cartels succeed under two conditions. First: Can the cartel control the supply of the product it wants to monopolise? De Beers did this with diamonds; OPEC with oil. It also means that consumers should not easily find substitute products either. Second: The cartel must guarantee demand for its product even at higher prices. Oil meets the two conditions. Coal does not. Too many countries export coal. The top 10 exporters account for just 13% of global exports...............................................Full Article: Source
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