Beyond the quota: OPEC and the quest for balancing the oil market
Modern commentators think of OPEC entirely as a market management mechanism, often referring to it as a cartel. But for the first 22 years of its existence after 1960, it did not apply production quotas. It was only in 1982 that OPEC introduced quotas to share the market between its members. Apart from brief periods of breakdown, it has kept that role ever since, writes Robin M. Mills in his latest column for Energy Connects.
