The myth that OPEC directs the price of oil resurfaced again.

Let’s look at the setup of OPEC to undo this heresy:
1. out of the top 5 largest oil producers, only one is an OPEC member – S.Arabia. The rest: US and Russia, Canada and China are not members.
2. the rest is mostly made up by Emerging Markets who have their own agendas, fiscal budget shortfalls, and shaky governments desperate to fill in the coffers and pump oil…
The oil ministers from OPEC countries take these irrelevant OPEC meetings as a puffed up boondoggle to play up their own importance.

The myth that OPEC directs the price of oil resurfaced again.

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