What was the primary reason for establishing the Organization of Petroleum Exporting Countries (OPEC)?

OPEC's primary objective is to stabilize crude oil prices among member nations. Other objectives are to see to the even distribution of petroleum, make sure that there is an even return, or profit.

Answered by oseafe | 2024-06-10

OPEC was established in 1960 by oil-exporting nations to regulate oil production and prices, aiming to stabilize the market and maximize revenues for member countries. The founding nations recognized the imbalance between rising demand for oil and its stable pricing, motivating the need for cooperation. The organization gained significant influence in global oil pricing, especially during the oil crises of the 1970s.
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Answered by Anonymous | 2024-12-24