what is
OPEC ?
OPEC is a cartel of petroleum producing countries that
seek to control output and price for their product.
How does it manipulates the market ?
OPEC’s goal is to control supply and price.
However,
OPEC must be careful not to raise price so much that is encourages consumers to substitute other products for petroleum (e.g. electric cars, solar energy, wind power, etc.).
OPEC nations certainly influence price, but they do notset price. because they owe %40 of the supply.
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