WAEC Economics 2025 Question 26

Question 26

International Economic Organisations

The Organization of Petroleum Exporting Countries (OPEC) prevents excess global supply of crude oil by

  1. A.fixing production quotas for all member countries.
  2. B.buying up the extra volume produced by members in the oil market.
  3. C.taking legal actions against members at the world court.
  4. D.expelling erring member countries from the organization.
Show the answer and explanation

Answer: A (fixing production quotas for all member countries.)

Explanation

OPEC limits output through members' quotas.