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OPEC is neither an oil ‘cartel’ nor a price fixer, insists top official

William Watts
OPEC is neither an oil ‘cartel’ nor a price fixer, insists top official

‘OPEC is neither a cartel nor involved in the business of fixing oil prices. OPEC, formed in 1960, became a household name in the U.S. in 1973 as part of the Arab oil embargo that sent gasoline prices in the U.S. and other Western nations soaring. History has proven that OPEC isn’t all-powerful.