why oil-buying countries did not form a counter-cartel to OPEC+?
In: 0
they have no bargaining power ot counter them with.
the way to do that would be moving away from Oil which by itself is not an easy feat(and actively lobbied against). but if htis could be achieved then OPEC would have ot deal with a dwindling customer base + an inability ot enforce it(what are they gonna do?, go to war with most of the west to force them to buy Oil from them? without a sizeable military and the will, that likely ends up with these nations being invaded instead to secure these resources)….tho politically this might just end up destabilizing the whole region further.
lastly you have the issue that because the vast majority of the Oil trade is done in one currency(the Us Dollar), attempting ot shut off this market’s OPEC imports is gonna dillute trust in the dollar and there are interests that would rather not lose money.
Latest Answers