Oil Production Methods (IMAGE) Duke University Caption 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. Credit Duke University Usage Restrictions None License Licensed content Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system.