Explain Why the Organization of Petroleum Exporting Countries (OPEC) Was

question 120

Essay

Explain why the Organization of Petroleum Exporting Countries (OPEC) was formed and identify which nations are members of the OPEC.

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Definitions:

Finished Goods Inventory

The stock of completed products ready for sale, reflecting the end-stage of the production process.

Value Chain

The major business functions that add value to a company’s products and services such as research and development, product design, manufacturing, marketing, distribution, and customer service.

Major Activities

The principal actions or operations carried out within an organization or by a project, typically contributing to achieving its main objectives.

Manufacturing Process

The sequence of operations or methods used to convert raw materials into finished goods.