rileyuk.co.uk

How is it that Opec members are allowed to meet up and 'protect prices' of oil. Isn't that a monopoly and price fixing? Or is it a case of, I have what you want. If you don't like it, I can always sell it to someone else. . . .

Well, technically speaking, Western governments also indulge in price fixing to protect their manufacturers from cheaper foreign competitors through levying import duty.

However, OPEC (and now Russia to a degree) essentially have most countries by the balls, so it's a case of their product being so essential that they hold a lot of influence. It's also why the US, and other countries, are finally realising they might want to explore for oil or find other energy sources closer to home.

Or convert to renewables/nuclear power.

Nuclear will just be changing 'Ball Holders' to Canada and Australia - Not sure about the last one, but I know Canada has a good store of Uranium.