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OPEC members comply with cartel, reduce oil production

Scott Tong Mar 18, 2019
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RYAD KRAMDI/AFP/Getty Images

OPEC members comply with cartel, reduce oil production

Scott Tong Mar 18, 2019
RYAD KRAMDI/AFP/Getty Images
HTML EMBED:
COPY

When OPEC decides to restrict global oil supply and raise prices, it can become very tempting for some nations, particularly smaller producers, to break the pact and sell more oil. OPEC members and allies are currently meeting in Azerbaijan, and the monitoring committee has been reviewing the “percentage of conformity” for each nation. Essentially, it is checking to see if members are cheating. 

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