What must OPEC do to maintain the price of oil at its desired level

What must OPEC do to maintain the price of oil at its desired level

What must OPEC do to maintain the price of oil at its desired level

The opening statement on the website of the Organization of Petroleum Exporting Countries (OPEC) says its members seek “ … to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.” To achieve these goals, OPEC attempts to coordinate and unify petroleum policies by raising or lowering its members’ collective oil production. However, increased production by the United States, Russia, Oman, Mexico, Norway, and other non-OPEC countries has placed downward pressure on the price of crude oil.

Please explain:

○ To achieve these goals of stable and fair oil prices, what must OPEC do to maintain the price of oil at its desired level?

○ How easy is it for OPEC to achieve this goal?

Yes, just explain those two questions, but it’s better if you can answer more details by economics ways.

Using 1-2 citations

6 references as well

Solution preview for the order on what must OPEC do to maintain the price of oil at its desired level

What must OPEC do to maintain the price of oil at its desired level

APA

1338 words

Get help with any homework assignment. Access thousands of already completed solutions.

Services

Place order

Purchase Solutions

24/7 Support

Contact

Email: Support@homeworksmontana.com

Phone: +1 437 539-6910