The international cartel formed to stabilize the world oil market is the

Assessment: WAEC SSCE - Economics - 1996 (Objective) Subject: Economics

Question 1 Report

The international cartel formed to stabilize the world oil market is the
Answer Details
The international cartel formed to stabilize the world oil market is the Organization of Petroleum Exporting Countries (OPEC). OPEC is a group of 13 oil-producing nations that coordinate and unify their petroleum policies to ensure market stability and a steady income for member countries. OPEC was formed in 1960 and has its headquarters in Vienna, Austria. Its member countries collectively control approximately 44% of global oil production and 73% of the "proven" oil reserves.
Read lesson note on Petroleum And The Nigerian Economy (JAMB)
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