OPEC's challenge: Rethinking its quota system

Perhaps for the first time in its 42-year history, the Organization of Petroleum Exporting Countries has gained the respect of the world oil community as a technically competent organization. It is now seen as an organization capable of managing the fundamentals of the oil market, managing global stocks and movements and refinery throughputs to "achieve stable oil prices which are fair and reasonable for oil producers and consumers," as stated in its primary mission. Following the price crash of 1998, when oil prices hit a low of $10/bbl, OPEC put into place a price- band mechanism with the object of maintaining its basket price of seven crude oils within $22-28/bbl by fine-tuning daily o...

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