In order to stabilize oil price in the world market, there is the need for OPEC members to

Answer Details

In order to stabilize oil prices in the world market, there is a need for OPEC members to adhere to production quotas. This means that OPEC members agree to limit their oil production to a certain amount, which helps to control the overall supply of oil in the market. When the supply of oil is limited, prices tend to increase due to higher demand. By working together to limit production, OPEC members can help to prevent wild fluctuations in oil prices, which can be beneficial for both producers and consumers. Encouraging competition among themselves or fixing the price of non-oil products would not necessarily address the issue of stabilizing oil prices. Additionally, always having a budget deficit is not a requirement or a solution for stabilizing oil prices.