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Italian PM Draghi Floats Buyers’ OPEC Idea With US as Oil Prices Sting

  • Proposal was considered a few years ago by China and India
  • Unclear how such a complicated arrangement would work
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OPEC+ Ratifies Small Monthly Production Increase

Whenever oil prices flare, consumers inevitably dredge up old plans to check the power of the OPEC cartel. This latest rally is proving no exception.

Having already deployed emergency oil stockpiles, and resurrected a decades-long proposal for anti-trust legislation, importing nations are now dusting off another familiar counter-measure: a buyers’ cartel.