The main role of the Organization of Petroleum Exporting Countries (OPEC) is

Assessment: WAEC SSCE - Economics - 2001 (Objective) Subject: Economics

Question 1 Report

The main role of the Organization of Petroleum Exporting Countries (OPEC) is
Answer Details
The main role of the Organization of Petroleum Exporting Countries (OPEC) is to fix oil production levels. OPEC is a cartel of oil-producing countries whose main goal is to control the supply and price of oil on the world market. To achieve this goal, OPEC sets production quotas for its member countries and coordinates their oil policies. By limiting oil production, OPEC aims to maintain stable prices and prevent price wars among its members.

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