OPEC and the Prisoner’s Dilemma

OPEC has never been concerned with the “world economic woes” (as this article implies). Many of the nations are however concerned with financing their governments. All things being equal there is a direct correlation between government revenue and the price of oil for these nations. Do they make up the lost revenue by ‘cheating’ on their cartel partners when they need money?

The bottom line: It is not benevolence that drives OPEC, but the incentive to make money.