alt Hacker NewsOPEC was never a very effective cartel in the first place. Many of the members routinely exceeded production targets. And for geological reasons it's not like most oil wells can even be throttled down.
OPEC was never a very effective cartel in the first place. Many of the members routinely exceeded production targets. And for geological reasons it's not like most oil wells can even be throttled down.
Storage facilities allow for market supply control.
And while it's true many member exceed targets, it's like speeding on US highways: everyone does it, but anyone driving 20 mph faster than the pack is nobody's friend. Karma will happen.