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

(Duke University) OPEC's 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, and helping transform the oil industry. The finds are based on 34 years of data from 13,248 oil fields worldwide.
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OPEC's effects on the world economy extend far beyond prices consumers see at the pump, says new research from Duke University, KU Leuven and UCLA.

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