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When the price of oil drops this usually means that OPEC has done what?

Updated: 8/23/2023

Wiki User

∙ 13y ago

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Increased Oil Production.

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∙ 3y ago

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∙ 13y ago

Increased oil production.

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Q: When the price of oil drops this usually means that OPEC has done what?

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When the price of oil drops this usually that means that OPEC has?

increased production.increased production.

What type of government controls the OPEC?

OPEC controls most of the worlds oil source.

Why should US citizens be interested in the actions of OPEC?

OPEC influences the price and availability of oil and gas.

What are the characteristics of OPEC?

The characteristics of OPEC are:products must be homogeneous.The products must have a low price elasticity of demand.

A representative of OPEC would be concerned with the price of?

Oil.

Related questions

When the price of oil drops this usually that means that OPEC has?

increased production.increased production.

When the price of oil drops this usually that OPEC has?

increased production.increased production.

When the price of oil crops this usually means that OPEC has?

OPEC has put too much oil on the market.

What type of government controls the OPEC?

OPEC controls most of the worlds oil source.

Is the OPEC fair with pricing?

OPEC charges what the market will allow. It regulates the price by regulating the supply.

Why should US citizens be interested in the actions of OPEC?

OPEC influences the price and availability of oil and gas.

What are the characteristics of OPEC?

The characteristics of OPEC are:products must be homogeneous.The products must have a low price elasticity of demand.

What is a representative of OPEC that would be concerned with the price?

Oil

Who controls the price of oil in the middle east?

Opec

A representative of OPEC would be concerned with the price of?

Oil.

What happens to the price of when OPEC countries decide to limit production?

Price goes up.

What organization's goal is to control the worlds production and price of oil?

OPEC is the organization that controls the world's production and price of oil. The members of OPEC come from twelve oil producing states.

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