Give five reasons for the continued existence of the Organization of Petroleum Exporting Countries (OPEC). [20 marks]
Explanation
(i) To protect the interests of its members (ii) It has helped in the stabilization of world Oil prices thereby preventing wide fluctuations in oil prices and output.
(iii) t has been responsible for seeking favorable markets for produced by its members.
(iv) The existence of OPEC has led to Improved trade relations among members and the International community as a whole.
(v) OPEC provides employment for many people especially from the member nations.
(vi) OPEC helps to educate its members and the international community through its regular meetings where Issues are thoroughly discussed and communiques issued