The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

The price and quantity of crude oil and petrol sold by Nigeria to other countries is fixed by OPEC. OPEC stands for the Organization of the Petroleum Exporting Countries, which is a group of countries that cooperate to regulate the global supply and price of oil. Nigeria is a member of OPEC, and as such, the country follows the organization's agreements on production levels and pricing. OPEC meets regularly to discuss and decide on production quotas, which determine the amount of oil each member country can produce and sell to other countries. Therefore, OPEC plays a significant role in determining the price and quantity of crude oil and petrol that Nigeria sells to other countries.