Price stability in the international oil market is the major objective of the
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option B
Explanation:
Price stability in the international oil market is the major objective of OPEC, the Organization of the Petroleum Exporting Countries. OPEC was founded in 1960 to coordinate the petroleum policies of its member countries and to stabilise oil prices in the international market. It seeks to ensure a steady income for oil-producing countries, a regular supply of petroleum to consuming nations, and a fair return on capital for those investing in the petroleum industry. OPEC achieves this by setting production quotas for its members and adjusting them in response to market conditions.
Price stability in the international oil market is the major objective of OPEC, the Organization of the Petroleum Exporting Countries. OPEC was founded in 1960 to coordinate the petroleum policies of its member countries and to stabilise oil prices in the international market. It seeks to ensure a steady income for oil-producing countries, a regular supply of petroleum to consuming nations, and a fair return on capital for those investing in the petroleum industry. OPEC achieves this by setting production quotas for its members and adjusting them in response to market conditions.