Quote:
Originally Posted by blankall
Ummmm OPEC is the definition of an oligopy. Oil markets are in no way governed by competition. A few large suppliers openly collude to control prices by artificially throttling or increasing supply.
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OPEC in not an oligopy. OPEC is a cartel. There are other players in the global oil market. OPEC controls a percent of the market, not the entire market. And over the last 5-10 years this market share had dropped significantly