Question on: JAMB Economics - 2024
Which of the following is NOT a major role of OPEC in production and marketing of petroleum?
A
Stabilizing oil prices putting a production ceiling
B
Refining of petroleum products in member countries
C
Raising the revenue of member countries from oil through price increase
D
Ensuring efficient and regular supply of oil to the market
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Correct Option: B
OPEC’s major roles include stabilizing oil prices, setting production ceilings, raising members' revenue, and ensuring regular oil supply.
However, OPEC does not refine petroleum products within member countries. Refining is handled locally by countries or companies.
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