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WAEC Economics 1996 Question 37

Question 37

Natural Resources and Petroleum

The international cartel formed to stabilise the world oil market is the

  1. A.Economic Commission for Africa
  2. B.International Monetary Fund
  3. C.Organization of Petroleum Exporting Countries
  4. D.Organization of Petroleum Importing Countries
  5. E.International Trade Organization
Show the answer and explanation

Answer: C (Organization of Petroleum Exporting Countries)

Explanation

OPEC coordinates its members' oil output and prices.