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> Then they killed the whole industry while trying to set up a cacao OPEC, forgetting that it would be a lot easier for rich countries to just go without chocol
by resolutebat 3y ago
> Then they killed the whole industry while trying to set up a cacao OPEC, forgetting that it would be a lot easier for rich countries to just go without chocolate than to live without oil.
The rich countries didn't go without chocolate: other cacao producers were more than happy to pick up the slack and collect the extra profits.
OPEC is remarkable mostly as a rare example of a successful international cartel, and even then
its history is riven with constant squabbles, sales off the books etc, and these days it's a shadow of its former self because Russia and now the US (thanks fracking) don't play ball.
- pi-e-sigma 3y agoRussia, and before that Soviet Union, has never been part of OPEC
- eszed 3y agoThat's what he meant by "Russia... [doesn't] play ball."
- reducesuffering 3y agoWhile Russia hasn't been a part of OPEC, so wouldn't be the cause of OPEC only now failing to maintain a cartel, it's important context to know that Russia and OPEC frequently collude on oil price manipulation together via OPEC+. For example, last month: "Oil prices edged higher on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year." https://www.reuters.com/markets/commodities/oil-nudges-higher-after-saudi-arabia-russia-stick-output-cuts-2023-11-06/ https://www.reuters.com/markets/commodities/oil-nudges-highe...