OPEC isn't dead, it's shifting strategies

Carlos Garcia Rawlins/Reuters OPEC is the ultimate cartel, it was formed to get its members a better price for their product than the free market would allow, and the members did that by working together to restrict supply. There is a reason that governments outlaw cartels, they prevent prices finding their true level and they transfer wealth from consumers to producers. But when the cartel is made up of governments, well there is no-one to outlaw them, so instead they become revered bodies char...