OPEC’s decision-making is primarily influenced by

JAMB Government 2024 138 views
Source: JAMB · 2024

OPEC’s decision-making is primarily influenced by

  1. Market forces
  2. Environmental policies
  3. Economic sanctions
  4. Production quotas ✓
Explanation

OPEC controls oil prices by setting production quotas. Each member country agrees to produce only a certain amount.

By limiting supply, OPEC can keep oil prices at desired levels. More production means lower prices.

OPEC meetings often focus on how much oil each country should pump.

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