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Why was OPEC formed? select all correct answers. a. to fix prices. b. to more fairly distribute oil profits. c. to encourage trade. d. to limit competition.
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10 votes
10 votes
Why was OPEC formed? select all correct answers.

a. to fix prices.
b. to more fairly distribute oil profits.
c. to encourage trade.
d. to limit competition.

User TylerOhlsen
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1 Answer

18 votes
18 votes

Answer:

A. to fix prices

Step-by-step explanation:

OPEC aims to regulate the supply of oil in order to set the price on the world market. The arrival of fracking technology for natural gas in the U.S. has reduced OPEC's ability to control the world market. The organization was established in 1960 by its founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.

User Vikas Raturi
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