The organization of Petroleum Exporting Countries(OPEC) is an example of a?

Assessment: WAEC SSCE - Commerce - 1990 (Objective) Subject: Commerce

Question 1 Report

The organization of Petroleum Exporting Countries(OPEC) is an example of a?
Answer Details
The organization of Petroleum Exporting Countries (OPEC) is an example of a cartel. A cartel is a group of independent producers or sellers who work together to regulate the production, pricing, and sale of a product or service to maximize their profits. OPEC is made up of 13 countries that produce oil and gas, and they work together to set production quotas and prices for oil to control the global oil market. By acting as a single entity, OPEC can influence the supply and demand of oil, which affects its price and profits.
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