What is the pupose of opec?
social studies hw
2007-01-10 15:06:47 · 3 answers · asked by molly f 2 in Social Science ➔ Other - Social Science
To look after the best interests of it's membership - major petroleum producing countries. Basically, making sure they get the best price for their oil usually by controlling supply.
It's a cartel. If they can sit down and agree among themselves to act collectively and with supply quotas for each individual, then the price of oil goes up. Without the cartel, or if something doesn't work within the system, one or two countries would take advantage of the price increase and sell more oil.
2007-01-10 15:15:54 · answer #1 · answered by JuanB 7 · 1⤊ 0⤋
they are a cartel, by coming together their aim is to behave more like a monopoly; producing less, but at a higher price.
2007-01-10 16:23:49 · answer #2 · answered by michael H 4 · 0⤊ 0⤋
There are a cartel like drug king pins. you want it, they have it, and you will pay what they think they can get from you.
2007-01-10 15:31:10 · answer #3 · answered by sirmythman 1 · 1⤊ 1⤋