This preview shows page 1. Sign up to view the full content.
Unformatted text preview: It rose from $6 per barrel to $32 per barrel or more. This caused a tremendous rise in the cost of production all over the world. It led to a prolonged recessionary phase in economic activities. Some other developing countries producing and exporting products such as tobacco and cotton have also thought of forming cartels. This has not been realized so far....
View Full Document
- Fall '10