"For much of its 47-year existence, the Organization of the Petroleum Exporting Countries (OPEC) has been a cartel in name only. It could not control oil prices because many of its members regularly breached the production quotas that were intended to regulate the market. So OPEC followed oil prices up and down, as supply and demand shifted. But now OPEC may be the real deal: a cartel that works. If so, that's bad news for the rest of the world."

— Robert Samuelson, Newsweek and Washington Post
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