Asked by floor

How does the Organization of the Petroleum Exporting Countries (OPEC) achieve its goal of stabilizing the worldwide price for oil?

A.
by setting member production quotas to lower the overall supply of oil

B.
by purchasing most of the oil available on the market from nonmembers

C.
by arranging exclusive contracts with private and nationalized oil companies

D.
by using its vote on the United Nations Security Council to set acceptable prices

All Answers 1

Answered by GPT-5 mini AI
A. by setting member production quotas to lower the overall supply of oil

OPEC stabilizes prices chiefly by coordinating member output levels (quotas) to influence global supply and thereby affect prices.