Aguiar-Conraria, Luís; Wen, Yi - 2011
of prices and quantities by a cartel of oil exporters, such as the OPEC, can affect the directions of the changes in the … easier to occur if the cartel sets the price of oil, but the re-sult is reversed if the cartel sets the quantity of … Moderation) in oil importing countries since the mid-1980s when the OPEC cartel changed its market strategies from setting prices …