If a bunch of food staple producers got together and decided to artificially limit output that results to shortage, that would raise prices. They’d effectively profit more with less. It’s also illegal, so how does OPEC constituents do it?
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OPEC is the Organization of the Petroleum Exporting Countries. [1] Countries get to write their own laws. Therefore, what OPEC does isn’t illegal because the countries that make up OPEC say it isn’t illegal.
Source:
1. https://en.m.wikipedia.org/wiki/OPEC
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