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OPEC uses supply and demand to determine prices. If they want to raise the price, they slow down production. The lower supply will equal higher prices.
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∙ 9y ago
vincent
Reducing supply
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What lead to oil embargo by OPEC?
OPEC wanted to raise the price of oil, so they used the supply /demand theory to get what they wanted. They held back the oil and raised the demand for it.
What method does OPEC use to increase is profits?
OPEC controls the oil but oil companies control the price. The oil compnies contention is that if OPEC releases 100,000 barrels of oil it is worth 5 times the amount if OPEC released 500,000 barrels. Do not get me wrong, always follow the profit reports. Big oil sets the price on a fake demand.
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
Why did OPEC impose an embargo against the US?
All Arab nations that export oil are members of OPEC. When the US supported Israel in the Yom Kippur War (as to offset USSR's supplies to the Arab states) OPEC declared an oil embargo on the US..
Why did OPEC not raise prices during the 1980s and what is OPEC attempting to accomplish now?
To help stablize oil prices.
What lead to oil embargo by OPEC?
OPEC wanted to raise the price of oil, so they used the supply /demand theory to get what they wanted. They held back the oil and raised the demand for it.
What method does OPEC use to increase is profits?
OPEC controls the oil but oil companies control the price. The oil compnies contention is that if OPEC releases 100,000 barrels of oil it is worth 5 times the amount if OPEC released 500,000 barrels. Do not get me wrong, always follow the profit reports. Big oil sets the price on a fake demand.
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
When the price of oil crops this usually means that OPEC has?
OPEC has put too much oil on the market.
Why did OPEC impose an embargo against the US?
All Arab nations that export oil are members of OPEC. When the US supported Israel in the Yom Kippur War (as to offset USSR's supplies to the Arab states) OPEC declared an oil embargo on the US..
Why did OPEC not raise prices during the 1980s and what is OPEC attempting to accomplish now?
To help stablize oil prices.
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.
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.
Why should US citizens be interested in the actions of OPEC?
OPEC influences the price and availability of oil and gas.
What determines the fuel price?
The OPEC decides mainly, because they control the oil, OPEC is all of the middle eastern countries that have oil and export it
