Economics Made Economical

Tip of the Day #7: OPEC

OPEC is a monopolistic cartel of some of the world’s largest producers of crude oil. Members of the illegal cartel include Saudi Arabia, Nigeria, Venezuela, Iran, and Kuwait. Although every one of OPEC’s member nations proclaims itself as a capitalistic society, OPEC’s collusion on oil supply, their price gouging, and their willingness to agree on a set price for oil exports exposes OPEC as a near-monopolistic entity that uses illegal means to support its nearly complete control over the international crude oil market. Nearly all the U.S.’s crude oil comes from OPEC, largely from Venezuela.



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