However, given that oil is such an important input to worldwide economic activity and given is unequal distribution throughout the world, oil supply and demand is unevenly divided between countries, being more demanded by those with big and growing economies and whose reserves are concentrated in the Middle East. To further distort the supply side of the equation, there is OPEC. The Organisation of Petroleum Exporting Countries is an association formed by most of the largest oil producing nations, in what to all practical effects amounts to a cartel. One of their strongest measures is to impose a production quota on all members, a mechanism which will be further explained later. The purpose of this paper is to prove whether the price of oil has risen due to the influence of OPEC in the amount of oil produced and the instability in the Middle East, among other factors

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