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OPEC added billions to cost of oil production, new research says

September 11, 2017

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Organization of the Petroleum Exporting Countries (OPEC) effects on the world economy extend far beyond the prices consumers see at the pump, says new research from Duke University. By limiting production, the oil industry cartel drove oil production in new, expensive directions, driving up the cost of crude oil production by some $160 billion. The findings are based on 34 years of data from 13,248 oil fields worldwide.Full Story

Duke University

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