The Organization of Petroleum Exporting Countries' (OPEC)effectiveness is limited because several member countries sell and produce at levels considerably different from official OPEC standards.

Question

Quizplus · Accepted Answer

This is true. OPEC sets production quotas for its member countries in order to control global oil prices. However, some member countries such as Saudi Arabia often produce above their quotas while other countries such as Venezuela struggle to meet their quotas. This has led to a situation where OPEC's effectiveness in controlling global oil prices is limited.

The Organization of Petroleum Exporting Countries' (OPEC)effectiveness Is Limited Because