Question #292810

It has often been said that OPEC (Organization of Petroleum Exporting Countries) operates as a cartel and is able to set petroleum prices by restricting supplies. Do you agree? Explain.


Expert's answer

The Organization of the Petroleum Exporting Countries is a cartel consisting of 13 of the world's major oil-exporting nations. OPEC aims to regulate the supply of oil in order to set the price on the world market.

So, the statement is true.


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