33. Why the Members of the Organization of Petroleum Exporting
Countries (OPEC) could successfully increase the price of oil by
reducing its supply in the short-run but failed to keep it high in
the long-run ? Illustrate using diagrams.
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Many of the largest oil-producing countries in the world are part of a cartel known as the Organization of Petroleum Exporting Countries (OPEC). In 2016, OPEC allied with other top, non-OPEC, oil-exporting nations to form an even more powerful entity named OPEC+ or OPEC Plus.
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