Constraints on OPEC's ability to control oil supply

OPEC and individual nations within it, like Saudi Arabia, do not have the ability to easily manipulate oil production levels due to various constraints, including geology and engineering limitations. Turning oil production on and off is not a simple process, and any adjustments have significant trade-offs. OPEC's predictions about the impact of their production decisions on future oil prices are also uncertain due to the complex and lengthy supply chains of the oil industry. The paper emphasizes that the public's perception of OPEC's power often overlooks the fixed nature of oil supply and the role that price fluctuations play in maintaining supply at the pump.