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JAMB Economics 1995 Question 36

Question 36

Natural Resources and Petroleum

The most important goal of OPEC is to

  1. A.present a united front for the purpose of raising prices of crude oil
  2. B.bring unity among the petroleum exporting states
  3. C.ensure political stability among member states
  4. D.ensure that rules on quota production are strictly followed.
Show the answer and explanation

Answer: A (present a united front for the purpose of raising prices of crude oil)

Explanation

OPEC was formed so that oil-exporting countries could act together and secure better, stable prices for their crude oil. Production quotas are a tool for reaching that goal, not the goal itself.