Remedies/Solutions to OPEC’s problems
Remedies that have been adopted to curtail the problems of OPEC include:
- Members of OPEC have embarked on joint research in order to counteract that of the Western advanced nations to find substitute for oil.
- The organisation always imposes cenalty on its members that side-track their agreed fixed production quota.
- OPEC tries to maintain inelastic price by fixing production quota for its memcers. The organisation has made and is making every effort to create unity among its members.
- In order to solve the leadership rivalry between Saudi Arabia and Iran, the organisation rotates its key posts among its member-nations.
- OPEC tries to maintain a reasonable price X’ in order to avoid price fluctuation.
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Somtochukwu
Visionary Leader and Development Economist in Nigeria. CEO at Bufiredd Economic Consults Ltd
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