1. What conditions facilitate the formation of a cartel? Which of these conditions were to be found in the oil market in (a) the early 1970s; (b) the mid-1980s; (c) the mid-2010s?
2. Could OPEC have done anything to prevent the long-term decline in real oil prices after 1981?
3. Many oil analysts are predicting a rapid decline in world oil output in 10 to 20 years as world reserves are depleted. What effect is this likely to have on OPEC’s behaviour?