Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

JAMB Economics 2024 210 views
Source: JAMB · 2024

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

  1. Ensuring efficient and regular supply of oil to the two market
  2. Raising the revenue of member countries from oil through price increase
  3. Refining of petroleum products in member countries ✓
  4. Stabilizing oil prices putting a production ceiling
Explanation

OPEC coordinates oil production and pricing among member countries. They control supply to manage prices.

Refining is done by individual countries or oil companies. OPEC does not build or run refineries.

OPEC focuses on crude oil policy, not on processing or refining petroleum products.

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