[GeorgefromGeorgia]

It is not a joke, the Europeans use this method. OPEC does have an impact on oil prices, but it does not control the majority of oil produced in the world and Saudi Arabia frequently pumps more oil than their quota.

[JeffersonRepublic.com]

"OPEC does have an impact on oil prices, but it does not control the majority of oil produced in the world and Saudi Arabia frequently pumps more oil than their quota..."

They may not control a "majority", but they do control the price. If OPEC cut their collective production, prices would shoot up. OPEC owns the export market, and is able to dictate the price.