Discussion Question – CLO 6

-The opening statement on the website of the Organization of Petroleum Exporting Countries (OPEC) says its members seek “ … to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.” To achieve these goals, OPEC attempts to coordinate and unify petroleum policies by raising or lowering its members’ collective oil production. However, increased production by the United States, Russia, Oman, Mexico, Norway, and other non-OPEC countries has placed downward pressure on the price of crude oil. 

Please explain:

     – To achieve these goals of stable and fair oil prices, what must OPEC do to maintain the price of oil at its desired level? 

     – How easy is it for OPEC to achieve this goal? (Chapter 9, Problem15)

Note: 

1. Define the words in your own words. Do not directly quote from the textbook.

2. Need to write at least 2 paragraphs

3. Need to include the information from the textbook as the reference.

4. Need to include at least 2 peer-reviewed articles as the reference.

5. Need to provide examples whenever applicable.

6. Please find the related PowerPoint and textbook in the attachment. 

7.  Please answer each of the following questions in detail and provide in-text citations in support of your argument. Include examples whenever applicable. 

8. Please find the Course Learning Outcome list of this course in the attachment. 

Textbook Information:

Baye, M. R., & Prince, J. T. (2017). Managerial economics and business strategy (9th ed.). McGraw-Hill Education

ISBN 9781259290619