Question on: JAMB Economics - 1995
The most important goal of OPEC is to?
A
present a united front for the purpose of raising the price of crude oil
B
bring unity among the petroleum exporting states
C
ensuring political stability among member states
D
ensure that rules on quota producion are strictly followed
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Correct Option: D
OPEC's primary objective is to coordinate and unify the petroleum policies of its member countries and to ensure the stabilization of oil markets to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. A key way they achieve this is by presenting a united front to influence global oil prices, often with the aim of increasing them.
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