fatvegan

OPEC 2002 Annual Report
This achievement [of maintaining price stability] has not come without some cost to the Organization. In 2002, OPEC cut its production ceiling by 1.5m b/d, which was on top of the 3.5m b/d in cuts made the year before. These reductions were essential to bringing the oil price back to fair and reasonable levels.... As all sides have benefited from fair and stable prices, it would be unreasonable to expect OPEC Members to continue to bear this heavy responsibility alone. A growing need exists for enhanced co-operation from all producer nations — in terms of both co-ordination and restraint — to meet the ongoing challenge of market stability.

I think this is why Iraq was invaded. This paragraph suggests to me, that OPEC has lost it's monopoly and is no longer entirely controlled by it's member countries. OPEC is one of the few monopolies that I really like. It's one of the few areas where the third world is using the free market to exploit the first world. And entirely without our consent. I reckon that's terrific.