6. OPEC is the economist's favorite cartel to study, partly because it had such a spectacular short-run success and partly because oligopoly theory

6. OPEC is the economist’s favorite cartel to study, partly because it had such a spectacular short-run success and partly because oligopoly theory could be used to predict how OPEC pricing actually evolved. Please check OPEC website at http://www.opec.org/home/ What are some recent developments in petroleum pricing? How relevant are the factors listed in this chapter in affecting the difficulty of maintaining a cartel?