Alliedassault - View Single Post - Oil Hits $70 Why? *shakes magic 8-ball* Nigeria and Iran

ninty · 04-17-2006, 04:47 PM

Opec members:

Venezuela, Nigeria, Algeria, Libya, Saudi Arabia, Iraq, Iran, Indonesia, Kuwait, Qatar, United Arab Emirites

These countries basically collectivley control oil prices.

OPEC has a monopoly over oil supply.

There will never be too much oil being produced at one time. This would cause prices to drop and reduce profits. It goes for anything. Why would you put out 1,000,000 widgits at once when you can put out 5,000 and raiise their prices.

	(#17)
ninty is Offline Major General Posts: 12,683 Join Date: Jan 2002 Location: Calgary	04-17-2006, 04:47 PM Opec members: Venezuela, Nigeria, Algeria, Libya, Saudi Arabia, Iraq, Iran, Indonesia, Kuwait, Qatar, United Arab Emirites These countries basically collectivley control oil prices. OPEC has a monopoly over oil supply. There will never be too much oil being produced at one time. This would cause prices to drop and reduce profits. It goes for anything. Why would you put out 1,000,000 widgits at once when you can put out 5,000 and raiise their prices.