OPEC Was an Effective Cartel for Many Years,but Recently It

question 4

Essay

OPEC was an effective cartel for many years,but recently it has been unable to maintain a high price for oil.What factors do you think are contributing to the demise of OPEC?

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Definitions:

Latin Hypercube Sampling

Latin Hypercube Sampling is a statistical method used to generate a sample of plausible collections of parameter values from a multidimensional distribution, often used in uncertainty analysis and optimization.

Monte Carlo Sampling

A statistical technique that uses random sampling and repeated simulations to compute results for complex problems.

Forecast Values

Predicted numerical values based on historical data analysis, used in various industries for planning and decision-making purposes.

Uncertain Inputs

Variables in a model or decision-making process whose values are not known with certainty, often requiring risk analysis or simulation to manage.