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WAEC Economics 1988 Question 32

Question 32

Natural Resources and Petroleum

Which of the following roles is being played by the Organization of Petroleum Exporting Countries (OPEC) with regards to Nigeria's crude oil?

  1. A.Exploiting
  2. B.Exploring
  3. C.Refining
  4. D.Marketing
  5. E.Exporting.
Show the answer and explanation

Answer: D (Marketing)

Explanation

OPEC does not drill or refine; it sets production quotas and prices, i.e. it influences the marketing of members' oil.