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An oligopoly is when a few companies exert control over a given market; These companies may control prices by colluding with each other, providing un-competitive prices in the market.
OPEC is an oligopoly; It's considered an oligopoly because it has no overarching authority or competition. Each member has a substantial market share and total control over prices
Hey there friend, what's an Oligopoly?
So if the demand for oil is low, they won't supply as much oil and increase the price to make as much profit as possible.
That's smart but feels scummy..there's got to be some disadvantages right?
The advantages outnumber all the cons, as the company doesn't have to compete with anyone, can increase demands at any time, offer the best customer pricing, and the highest quality services.
And they want it that way! the barrier for entry into this stuff is so high because they want all the profits for themselves. if it were any lower more companies would have opportunities that OPEC would lose out on.
I never thought of it like that!

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