Why was the Organization of Petroleum Exporting Countries (OPEC) formed? Ato increase oil prices by controlling global supply to

Question

Anna71 [15]

3 years ago

5

Why was the Organization of Petroleum Exporting Countries (OPEC) formed? Ato increase oil prices by controlling global supply to

ensure a steady supply of oil for the United States to make industrial nations more dependent on the use of oil

History

1 answer:

Ber [7] · Answer 1 · 2022-06-12T00:19:53+03:00

Answer: To increase oil prices by controlling global supply

Explanation:

The Organization of Petroleum Exporting Countries (OPEC) was formed when some oil producing countries decided that it would be best to form a cartel that would dictate the supply of oil and in effect the price as well.

By forming a cartel, they would have more control over what price to charge other nations which would allow for more revenue to come into these countries. OPEC also uses its influence to impart global issues as they once refused to sell oil to western nations unless those nations criticized and restricted support for Israel.