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The "Organization of Petroleum Exporting Countries" (OPEC) includes most of the world's major oil-exporting countries. By agreeing to limit their respective production levels, they maintain a higher price for their oil worldwide. While this extends the life of their domestic fields, and provides substantial income, it is a semi-monopoly that limits the affordability of petroleum in many of the world's developing countries. There is no international law that prohibits such cartels, as would apply within many countries.
(In the past, such attempts to control the worldwide production of raw materials would have almost certainly led to conquest of these areas by militarily stronger countries.)
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How important is the Persian Gulf to OPEC?
Very important, most of OPEC 's member countries are there.
OPEC is very important to this countries?
very impotantee
What is the most important function of OPEC?
The main function of the OPEC is to help with Petroleum needs in poor countries such as Kenya
Who owns OPEC?
opec
Where is the headquater of opec?
where is the head quarter of opec
What is the population of OPEC?
OPEC's population is 372,368,429.
What is OPEC what countries are a part of OPEC?
egypt (A+)
What are the organs of OPEC company?
What are the organs of opec
Who are the 3 former members of opec?
Saudia Arabia opec OPEC oil reserves OPEC oil crisis
Is Egypt located in OPEC?
OPEC is an organisation, not a place, so no country is located in it. Egypt is not a member of OPEC.
How do you use OPEC in a sentence?
OPEC is so silly
Is Laos is present OPEC?
Is Laos is present OPEC?
