OPEC INCAPABLE OF BEHAVING LIKE A CARTEL AS OIL PRICE CONTINUES TO PLUNGE
Tuesday, December 8, 2015
Oil cartel OPEC is doing Australian families a huge favour. It is incapable of behaving like a cartel.
Its members so desperately need the money that they have been ignoring production targets set by the organisation, aimed at stabilising the global market and raising prices.
OPEC members have been ignoring their own targets for 18 months and the result is an oil price that has plunged to six-year lows in Asia, and it is not likely to end any time soon.
The oil cartel, which accounts for roughly 40 per cent of the world's production and supplies most of Asia, remains in disarray.
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