OPEC, the Organization of Petroleum Exporting Countries, Was Formed in Baghdad

question 44

Essay

OPEC, the Organization of Petroleum Exporting Countries, was formed in Baghdad in 1960. Since its formation, this cartel has suffered from a major problem with respect to the quota (limit) of output it assigns each member nation. What is OPEC's goal and what sort of quota do you think the cartel assigns? How and why do nations cheat on their quota? What happens when a nation cheats on its quota?

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Definitions:

Normal Response

A typical or expected reaction or behavior in response to a specific stimulus or situation.

Complicated Grief

A prolonged grieving process characterized by extreme difficulty in recovering from the loss of a loved one.

Psychotherapy

A treatment method involving psychological techniques, used to assist individuals in overcoming mental health problems or emotional issues.

Cardiopulmonary Resuscitation

A lifesaving technique involving chest compressions combined with artificial ventilation to manually preserve brain function until further measures to restore spontaneous blood circulation and breathing in a person who is in cardiac arrest.