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How would OPEC nation feel about the rising cost of petroleum?
OPEC would never trade with the country that rose the price of petroleum.
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
The cartel that is concerned with the setting of policies and prices for the sale of oil is?
OPEC
Why should US citizens be interested in the actions of OPEC?
OPEC influences the price and availability of oil and gas.
What are the characteristics of OPEC?
The characteristics of OPEC are:products must be homogeneous.The products must have a low price elasticity of demand.
What is a representative of OPEC that would be concerned with the price?
Oil
What would happen to OPEC if a new fuel was developed at cheaper in price?
If a new, cheaper fuel was developed, it would greatly affect OPEC. OPEC would probably have to lower its prices in order to remain competitive.
How would OPEC nation feel about the rising cost of petroleum?
OPEC would never trade with the country that rose the price of petroleum.
What Natural Resource does OPEC control the production price and distribution?
OPEC (Organization of the Petroleum Exporting Countries) controls the production, price, and distribution of oil, which is a significant natural resource. OPEC member countries collectively produce a large portion of the world's crude oil and play a key role in influencing global oil market dynamics.
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
The cartel that is concerned with the setting of policies and prices for the sale of oil is?
OPEC
Who is nigeria's representative in OPEC'S board of governors?
Eng. Goni Musa Sheikh
Is the OPEC fair with pricing?
OPEC charges what the market will allow. It regulates the price by regulating the supply.
The OPEC cartel is concerned with the setting of policies and prices for the sale of?
Crude oil.
When the price of oil crops this usually means that OPEC has?
OPEC has put too much oil on the market.
Why should US citizens be interested in the actions of OPEC?
OPEC influences the price and availability of oil and gas.
What are the characteristics of OPEC?
The characteristics of OPEC are:products must be homogeneous.The products must have a low price elasticity of demand.
