cypherpunks, (edited )
@cypherpunks@lemmy.ml avatar

Doesn’t OPEC control oil prices? 🤔

It hasn’t for a long time.

do you have a source? Everything I am find online is still showing OPEC going strong

They don’t set the price; they influence it by ostensibly controlling the supply from member countries. But, as Wikipedia says:

Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member commitments reflect what they would do even in the absence of OPEC. [4]

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