WAEC Economics 2017 Question 48

Question 48

International Economic Organisations

One objective of the Organisation of Petroleum Exporting Countries (OPEC) is to

  1. A.harmonise and stabilize oil prices.
  2. B.ensure excess supply of oil to consuming countries.
  3. C.subsidise oil prices in member countries.
  4. D.assist member countries to exploit oil resources.
Show the answer and explanation

Answer: A (harmonise and stabilize oil prices.)

Explanation

OPEC co-ordinates members' policies to keep oil prices stable.