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There are several Saudi Arabia and Iran are two.
What else can I help you with?
Indonesia is an oil-producing nation?
Yes. It is the second largest oil-producing nation in Asia; second to China.
Which is not a major oil producing nation?
Saudi Arabia
What small oil producing nation is a peninsula located on Saudi Arabia's border?
Bahrain
The largest oil producing nation in Africa is?
Algeria, Angola and Nigeria are the top three oil producing nations in Africa, with Angola and Nigeria very closely ranked.Now Nigeria
This has been the most successful cartel?
Oil
Who and all are responsible and how is the price of crude oil is fixed?
The main oil producing countries are all in a Cartel-esque group called OPEC, stands for Oil Producing Economic Countries, and they get together every so often and set the prices to a certain extent to control supply of oil and thus the price. All the countries in OPEC (as far as i am aware) can produce a lot more oil however lots more oil = prices falling which they don't want.
What is The operation of an oil cartel in the Middle East is perceived by some to be an example of market failure?
we first can talk about the cartel, and then we have to say the meaning of monopoly and how this cartel seems it is monopoly but it is not and talk about the market failure
Did high oil prices in the 1970's eliminate poverty in southwestern Asia?
Southwestern Asia is the sub continent of India. Nevertheless, what ever geography is used, poverty remains a fact of life in most of Asia. High oil prices usually benefit the old oil cartel and other oil producing nations.
The cartel that is concerned with the setting of policies and prices for the sale of oil is?
OPEC
How effective is OPEC?
The effectiveness of OPEC varies dependent of political and economic factors. During the 1973 OPEC induced oil crises their cartel actions created economic emergencies on global economies whose infrastructure were dependent on crude imports. The rise of the United States in 2014 as the world's largest oil and natural gas producer further weakens the effectiveness and coercive powers of the cartel. Moreover, non OPEC states such as Canada and Russia further weaken OPEC's threat of using oil as a weapon. Lastly OPEC states such as Saudi Arabia can and have been known to break the cartel producing as they wish to counteract potential oil crises.
What is the term for the joining of two or more firms involved in different stages of producing the same good or services?
Cartel
The OPEC cartel is concerned with the setting of policies and prices for the sale of?
Crude oil.
