OPEC has had control of the valves that regulate the world oil supply.

The oil cartel: The lesson for other industries from OEC*

by Colin Teese

Readers of these pages, whether or not they follow national or international events, will know about the price of petrol. Because every time they fill up their car, it touches their hip pocket nerve.

If the price of petrol rises, buyers have less to spend on other things or to boost their savings.

Petrol, like many other base commodities, is an undifferentiated product – one brand of petrol is basically the same as all others. As a consequence, its consumption is not im…

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