| Reports of OPEC’s death have been greatly exaggerated, as many observers mistake inaction for impotence. Throughout the history of the organization, it has been strong, weak, active and passive, but arguably the third-most successful cartel in the past century. (Diamonds are first, the Seven Sisters under the Achnacarry the second.)
Since the rise of OPEC power in the early 1970s, the oil price has remained above the long-term historical level, something all but unheard of for commodities. (Well, sugar in the U.S., where a handful of producers have the political clout to maintain import quotas. Maybe peanuts and tobacco, and well, you get the idea.)..............................................Full Article: Source
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