Review:
Opec
overall review score: 3.5
⭐⭐⭐⭐
score is between 0 and 5
OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization consisting of 13 oil-rich countries that work together to coordinate and unify petroleum policies.
Key Features
- Price fixing
- Production quotas
- Market influence
Pros
- Helps stabilize oil prices
- Allows member countries to collectively negotiate with other major oil consumers
Cons
- Can lead to monopolistic behavior
- Criticism for prioritizing profits over environmental concerns