OPEC - It rose from $6 per barrel to $32 per barrel or more...

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OPEC The best and most notorious example of cartels in the recent past is that of OPEC - Oil Producing and Exporting Countries . Saudi Arabia and other countries after 1973 formed a cartel. As a result of this petroleum prices rose exorbitantly, twice in the period between 1973 and 1978. The price hike of petroleum products was more than 500 percent during the period.
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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....
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