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WAEC Economics 2001 Question 50

Question 50

Natural Resources and Petroleum

The main role of the Organization of Petroleum Exporting Countries (OPEC) is

  1. A.fixing oil production levels
  2. B.ensuring optimum production of oil
  3. C.promoting efficiency in the management of oil
  4. D.supplying oil at affordable rates.
Show the answer and explanation

Answer: A (fixing oil production levels)

Explanation

OPEC sets production quotas for members to influence oil prices.