The opening statement on the website of the Organization of
Petroleum Exporting Countries (OPEC) says its members seek “. . .
to secure an efficient, economic and regular supply of petroleum to
consumers, a steady income to producers and a fair return on
capital for those investing in the petroleum industry.” To achieve
this goal, OPEC attempts to coordinate and unify petroleum policies
by raising or lowering its members’ collective oil production.
However, increased production by Russia, Oman, Mexico, Norway,...