The organization of the petroleum exporting countries opec...

The Organization of the Petroleum Exporting Countries (OPEC) was formed as a result of A a desire to control the pricing on members' resources B political agitation against capitalism C the need to fix prices D the request of The Organisation for Economic Co-operation and Development (OECD)

2. The opening statement on the Web site of the Organization of Petroleum Exporting Countries (OPEC) says, “... OPEC’s eleven members are all developing countries whose economies are heavily reliant on oil export revenues. They therefore seek stable oil prices that are fair and reasonable for both producers and consumers of oil.” To achieve this goal, OPEC attempts to coordinate and unify petroleum policies by raising or lowering their collective oil production. However, increased production by Russia, Oman, Mexico, Norway, and other non-OPEC countries has caused the price of crude oil to fall dramatically in recent years. To achieve its goal of stable and fair oil prices, what must OPEC do to maintain the price of oil at its desired level? Do you think this will be easy for OPEC to do? Explain.

Manasvee S.