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The Organization of Petroleum Exporting Countries (OPEC) is a cartel that attempts to keep oil prices high by restricting output. As part of that process, each member nation is assigned a production quota; most members have nationalized their oil industry so that the government controls overall production. However, member nations routinely exceed their production targets.Why might OPEC often have difficulty keeping output low and prices high

Respuesta :

  • According to the OPEC website, its member nations own 79.4 percent of the world's crude oil reserves, giving the group significant influence in these markets.
  • 15 As a cartel, OPEC has a strong motive to maintain its market share while keeping oil prices as high as they can go.

Is the Organization of Petroleum Exporting Countries a cartel?

  • The Organization of the Petroleum Exporting Countries (OPEC) is frequently cited as an example of a cartel in the oil and gas sector.
  • The member nations of OPEC do have market impact, albeit it is debatable whether the economic evidence proves it to be a true cartel.

What is the main purpose of the OPEC?

The goal of OPEC is to coordinate and harmonize petroleum policies among its member states in order to ensure fair and stable prices for oil producers,

                  a reliable, cost-effective supply of petroleum to developing countries, and a fair return on investment for those who invest in the sector.

Learn more about OPEC brainly.com/question/1620143

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