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Cataloged Resource Summary

 

Title

OPEC

Author

Benjamin Zycher

Categories

Economic History
Industrial Organization

Type

Article

Description

Few people are aware of it today, but OPEC (the Organization of Petroleum Exporting Countries) was formed in response to the U.S. imposition of import quotas on oil. OPEC is a cartel: a group of producers that attempts to restrict output in order to keep prices higher than the competitive level.

URL

http://www.econlib.org/library/Enc/OPEC.html
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