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Organization of the Tobacco Exporting Countries
Certain things have a steep demand curve. Usually things that are addictive. For some reason, Oil follows this demand curve.
Fuel prices have forced us to cut production due to harvesting costs ... <insert more bs here>.
While National supplies remain adequate (we have 4 year
elections to think of), The amount we export will not be strong this year due to fuel costs. The US, Brazil, India, China, Turkey (how's that sound? - EU), and Malaysia have decided that production should remain at 72% capacity while fuel prices remain what OTEC feel are inflated. OTEC has decided that this is in the best interest of the Nations and producers.
(Mwhaah ha ha!)
||skuirp skuirp skuirp (the sound of crickets.)
||It's about as valid as any other cartel marketing a good of which there's no real shortage; in other words, not really valid at all, as it's bound to lead to tit-for-tat action, just as tariffs do now. (OPEC is a somewhat different case as it deals in a commodity with a finite - although still plentiful - resource.)