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OPEC Conference delegates at Swissotel, Quito, Ecuador, December 2010. The OPEC Conference is the supreme authority of the organisation, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organisation is the OPEC secretary general. The conference ordinarily meets at the Vienna ...
An oligopoly (from Ancient Greek ὀλίγος (olígos) 'few' and πωλέω (pōléō) 'to sell') is a market in which pricing control lies in the hands of a few sellers. [ 1 ] [ 2 ] As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function .
The OPEC embargo marked a turning point in the history of the international copper trade, waking up the countries that depended strongly on their exports of commodities. . They desired to imitate the behavior of CIPEC with the objective of increasing the prices of their commodi
The Union of Banana Exporting Countries (Spanish: Unión de Países Exportadores de Banano or UPEB) was a cartel of Central and South American banana exporting countries established in 1974, inspired by OPEC. Its aim was to achieve better remuneration from the North American banana trade oligopoly, which consisted of three US companies.
If OPEC's oil economy becomes unstable, then the oil production of the member nations may become unstable as well. Hence some nations might choose to quit the organization in order to stabilize their oil sectors. [11] Since OPEC is the dominant entity in the Megacorpstate, fluctuations in its performance will affect the market accordingly.
According to the Algerian Energy and Mines Minister Chakib Khelil, this mean that in the long term the GECF will move toward becoming a gas OPEC. [12] On 11 December 2009, Russia's Energy Minister Sergey Shmatko stated: "Today we can speak about gas OPEC as a fully fledged international organization. By a unanimous decision a Russian national ...
The U.S. and its allies want to bring the entire chip supply chain in-house—and that could create an OPEC-style cartel for the digital age Jaemin Lee March 28, 2024 at 5:00 PM
An oligopoly may engage in collusion, either tacit or overt to exercise market power and manipulate prices to control demand and revenue for a collection of firms. A group of firms that explicitly agree to affect market price or output is called a cartel , with the organization of petroleum-exporting countries ( OPEC ) being one of the most ...