what happens to the price of oil when opec countries decide to limit production?\na oil prices drop\nb oil…
what happens to the price of oil when opec countries decide to limit production?\na oil prices drop\nb oil prices raise\nc oil prices collapse\nd oil stops being sold
Answer
Brief Explanations:
When OPEC countries limit production, the supply of oil in the market decreases. According to the law of supply - demand in economics, with demand remaining relatively stable or increasing, a decrease in supply leads to an increase in price.
Answer:
B. oil prices raise