The Organization of the Petroleum Exporting Countries (OPEC)is an example of a ________.

Question

Quizplus · Accepted Answer

OPEC is a cartel, which is an organization of producers that work together to coordinate production and pricing in order to maximize their profits. OPEC's member countries collectively control a significant portion of the world's oil reserves and production capacity, and they have used their market power to influence oil prices and production levels. While OPEC does not have a complete monopoly on oil production, the cartel has had significant influence over global oil prices and supply for many decades.

The Organization of the Petroleum Exporting Countries (OPEC)is an Example